The European Response to the Covid-19 crisis: legal construction of Next Generation EU and Economic Governance of the Recovery and Resilience Mechanism
Abstract
The paper assesses the legal construction of the European Union Recovery Instrument «Next Generation EU». The paper analyses the power given to the European Commission to borrow money on the capital markets to fund the programme from the point of view of treaty compliance. Accessing the funds depends on detailed National Recovery and Resilience Plans being agreed upon, embedded in the European Semester for economic policy coordination. Governance will be the main challenge facing the implementation of the plans, the European Commission’s ability to administer its guidance and monitoring functions for national plans and to ensure their implementation once the funds have been disbursed The paper proposes legal reform as a suitable option to restore the equilibrium among the European institutions and ensure its adequacy to EU law.
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Last update: 08/02/2022
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