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June 2, 2021

How Covid could define the future of the EU

By Paul Dennis

2 June

Adam Tooze, a historian and professor at Columbia University and director of the European Institute, retweeted an article on greater European Union (EU) fiscal powers to boost pandemic economic recovery.

Economists believe new financial instruments are required to support the growth of Europe.

While some like Mario Draghi, the Italian prime minister, have advocated a new model of fiscal governance, others such as Wolfgang Schäuble, Germany’s former minister of finance, have highlighted that the Covid-19 pandemic has led to a necessary but rushed increase in public debts which need to be curbed.

Experts opine that the outcome of this deadlock will define the future of EU.

Economists believe that the pandemic has necessitated the suspension of the stability and grown pact (SGP).

As a result, European countries increased their spending sharply with monetary cover promised by the European Central Bank (ECB).

Most importantly, the virus crisis required the Next Generation EU programme (NGEU), sponsored by European fiscal resources, to support the pandemic recovery.

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