Options for a European Recovery Fund

Improving global governance
Posted May 14, 2020 | German Council on Foreign Relations, Shahin Vallée

The debate about the EU’s economic recovery from the COVID-19 pandemic is characterized by polarization around certain issues, the most prominent being jointly issued bonds for funding purposes. In this commentary for the German Council on Foreign Relations, Shahin Vallée suggests that during the Eurocrisis, Member States safeguarded national controls through intergovernmental instruments. What is fundamentally at stake is not only the economic response and recovery but European financial solidarity and EU  autonomy.  Among the several choices the EU has to make is whether it wants to create a recovery fund within the EU budget, or outside of it. The author suggests that placing the recovery fund outside of the EU budget would give more flexibility and make it easier to negotiate.



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