Next Generation EU

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Blog Post

Setting Europe’s economic recovery in motion: a first look at national plans

Plans for spending European Union recovery funds submitted by the four largest EU countries reflect rather different priorities. So far, only Italy is interested in borrowing from the EU.

By: Zsolt Darvas and Simone Tagliapietra Topic: European Macroeconomics & Governance Date: April 29, 2021
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Blog Post

The EU’s fiscal stance, its recovery fund, and how they relate to the fiscal rules

Joint EU borrowing to boost the recovery, if not treated as national deficit and debt, will substantially ease rules-based fiscal adjustment needs in southern and eastern Europe, but not in western and northern Europe.

By: Zsolt Darvas and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: March 4, 2021
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Podcast

Podcast

From support to recovery: national fiscal policy in the wake of COVID-19

The EU has set ambitious goals for economic recovery: how these recovery funds are spent by member states will be critical to its success. A look into the European framework and the case of Italy.

By: The Sound of Economics Date: February 10, 2021
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Blog Post

Thinking big: debt management considerations for the EU’s pandemic borrowing plan

If not handled correctly, the European Union’s transition to take on a new role as an issuer of public debt risks crowding out existing markets. Managing that transition correctly is almost as big a challenge as spending the money itself.

By: Rebecca Christie Topic: European Macroeconomics & Governance Date: December 9, 2020
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Blog Post

Next Generation EU payments across countries and years

How much cake does everyone actually get and at what speed? This blogpost estimates the yearly Next Generation EU (NGEU) payments to each EU country at current prices in euros and as a share of GNI.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: November 12, 2020
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Policy Contribution

European Union recovery funds: strings attached, but not tied up in knots

Ensuring effective recovery spending is a high-stakes challenge for the European Union, with the potential for derailment because of fuzzy objectives and overloaded procedures. The EU should work with member countries to identify limited policies that will maximise the impact of EU investment, while accounting for spillovers.

By: Jean Pisani-Ferry Topic: European Macroeconomics & Governance Date: October 27, 2020
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Past Event

Past Event

Next Generation EU debt: how is it structured?

The impact of EU debt on the EU market of safe assets.

Speakers: Gert-Jan Koopman and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: October 22, 2020
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Podcast

Podcast

Without good governance EU recovery could fail

Guntram Wolff and Luis Garicano discuss how to ensure that the EU borrowing mechanism would successfully boost economic recovery.

By: The Sound of Economics Topic: European Macroeconomics & Governance Date: October 7, 2020
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Blog Post

The European climate law needs a strong just transition fund

To deliver on the goals of the European climate law, the European Union needs finally to get coal out of its energy mix: the EU should quicken the pace of decarbonisation whilst delivering on its goal of social inclusion.

By: Simone Tagliapietra Topic: Energy & Climate Date: October 6, 2020
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Blog Post

Common eurobonds should become Europe’s safe asset – but they don’t need to be green

The plan to fund the European Union’s recovery programme via debt issuance has raised hopes that a new type of euro-denominated safe asset could emerge. As a priority, the European Commission needs a strategy to create a liquid and transparent market in EU bonds. For now, funding through EU green bonds would complicate that effort.

By: Alexander Lehmann Topic: Finance & Financial Regulation Date: September 28, 2020
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Opinion

Europe’s recovery gamble

Next Generation EU, was rightly hailed as a major breakthrough: never before had the EU borrowed to finance expenditures, let alone transfers to member states. But the programme and its Recovery and Resilience Facility amount to a high-risk gamble.

By: Jean Pisani-Ferry Topic: European Macroeconomics & Governance, Finance & Financial Regulation Date: September 25, 2020
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Blog Post

Will European Union countries be able to absorb and spend well the bloc’s recovery funding?

To help finance the post-coronavirus recovery, the European Union is raising large amounts to pass on to its members. But absorption of EU funds is typically slow and some countries might struggle to spend what they can get, even if they will have broad freedom to design spending programmes. The focus should be on worthwhile spending, not just on absorbing EU funds.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: September 24, 2020
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