EU Fiscal Capacity: Legal Integration After Covid-19 and the War in Ukraine by Federico Fabbrini
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Overview: The explosion of the Covid-19 pandemic in February 2020 led to a paradigm change in the European Union architecture of economic governance. To mitigate the pandemic’s damage, the EU established a Recovery Fund called ‘Next Generation EU’ (NGEU). Funded though resources raised on the financial markets, this special budget is worth 750bn€ at 2018 prices, which corresponds to 806,9bn€ at current prices. Disbursed to member states in the form of both loans
and grants and to be repaid on a long-term basis through the introduction of new EU taxes, the NGEU has endowed the EU with borrowing, spending, and taxing powers.
EU Fiscal Capacity: Legal Integration After Covid-19 and the War in Ukraine argues that the NGEU constiutes a profound overhaul in the EU architecture of economic governance. Moving away from the fiscal surveillance shown in response to the euro-crisis, the EU has adopted a strategy of fiscal federalism more akin to the United States.
Genre: Non-Fiction > Educational
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