Download publication

Parliamentary Testimony

An overview of the Recovery and Resilience Plans

Testimony before the European Parliament’s Committee for Budgetary Control (CONT) on the topic "Capacity for proper expenditure controls of the increased budget of the MFF and NGEU".

By: Date: November 2, 2021 Topic: European governance

On 25 October 2021, Zsolt Darvas, Bruegel Senior Fellow, gave testimony to the public hearing of the European Parliament’s Committee for Budgetary Control (CONT) on the topic “Capacity for proper expenditure controls of the increased budget of the MFF and NGEU”.

He highlighted the implausibility of the European Commission’s assessment concluding that the quality of EU countries’ recovery and resilience plans are almost identical. The presentation stressed the importance of carefully checking the value for money and the avoidance of double funding by other EU funds in the implementation phase of the recovery plans, because no EU country was able to justify costs to a high degree according to the Commission’s assessment. The presentation concluded with 10 crucial questions, including the issues of additionality, absorption capacity, whether milestones and targets are similarly difficult across countries, and transparency of the implementation of the recovery plans.

Read article More on this topic More by this author
 

Blog Post

European governance

Does the war in Ukraine call for a new Next Generation EU?

The European Union should take significant economic measures in response to the war in Ukraine, but a new Next Generation EU is not needed yet.

By: André Sapir Topic: European governance Date: May 17, 2022
Read article More by this author
 

Blog Post

European governance

How has growth changed what countries get from the European recovery fund?

Adjustments to growth forecasts mean some countries will get 10% more than expected and others 20% less in grants from the EU Recovery and Resilience Facility. But the benefits of more quickly rising growth rates dwarf foregone recovery funds.

By: Zsolt Darvas Topic: European governance, Macroeconomic policy Date: February 17, 2022
Read article More by this author
 

Blog Post

European governance

The puzzle of European Union recovery plan assessments

Identical European Commission assessments that EU countries’ recovery plan cost justifications are ‘medium-quality’ undermine trust in the assessments and raise questions about whether recovery money will be well spent.

By: Zsolt Darvas Topic: European governance, Macroeconomic policy Date: February 8, 2022
Read article
 

External Publication

European governance

EU borrowing—time to think of the generation after next

Financing post-pandemic recovery via EU borrowing has proved remarkably straightforward. So why keep it temporary?

By: Grégory Claeys, Rebecca Christie and Pauline Weil Topic: European governance, Macroeconomic policy Date: December 9, 2021
Read article Download PDF
 

Policy Contribution

European governance

Next Generation EU borrowing: a first assessment

The Next Generation EU programme is radically changing the way the EU finances itself and interacts with financial markets. This paper assesses the first design decisions made by the European Commission and the issuances that have taken place so far. It also outlines the potential risks and opportunities linked to this upgrading of the EU borrowing.

By: Rebecca Christie, Grégory Claeys and Pauline Weil Topic: Banking and capital markets, European governance, Macroeconomic policy Date: November 10, 2021
Read article More on this topic More by this author
 

Podcast

Podcast

The EU recovery fund - state of play and outlook

Live from the Annual Meetings: Bruegel Director Guntram Wolff discusses the EU recovery fund, its state of play and outlook with Nadia Calviño, First Vice-President and Minister for Economy and Digitalization of Spain and Professor Karolina Ekholm of Stockholm University.

By: The Sound of Economics Topic: Macroeconomic policy Date: September 1, 2021
Read about event More on this topic
 

Past Event

Past Event

The EU recovery fund - state of play and outlook

Bruegel Annual Meetings, Day 1- In The Sound of Economics Live session we will discuss the EU recovery fund, its state of play and outlook.

Speakers: Nadia Calviño, Karolina Ekholm and Guntram B. Wolff Topic: Macroeconomic policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: September 1, 2021
Read about event
 

Past Event

Past Event

Investment firepower for the recovery: a conversation with Philippe Donnet, CEO of Assicurazioni Generali

At this event the CEO of Assicurazioni Generali, Philippe Donnet will be in conversation with Guntram Wolff, Director of Bruegel.

Speakers: Philippe Donnet and Guntram B. Wolff Topic: European governance, Macroeconomic policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: July 8, 2021
Read about event More on this topic
 

Past Event

Past Event

How to spend it? A closer look at the recovery plans

In this event, participants will take a closer look at the recovery plans submitted by EU countries.

Speakers: Zsolt Darvas, Alex Patelis and Maarten Verwey Topic: Macroeconomic policy Date: June 23, 2021
Read about event
 

Past Event

Past Event

The Recovery and Resilience Fund: Accelerating the digitalisation of the EU?

How can new EU funds financed by EU borrowing supplement national digital and green funding and EU funds available from the standard seven-year EU budget to accelerate digitalisation?

Speakers: Sam Blackie, Zsolt Darvas, Maria Teresa Fabregas Fernandez, J. Scott Marcus and Ben Wreschner Topic: European governance, Macroeconomic policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 8, 2021
Read article More on this topic
 

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: Macroeconomic policy Date: April 29, 2021
Read article More on this topic
 

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: Macroeconomic policy Date: March 4, 2021
Load more posts