Towards Shared European Finances - The Next Generation EU Template and Its Afterlives

Abstract

The EU is once again eyeing a workaround to address an emerging challenge. A few days ago, former ECB President Mario Draghi issued a landmark report to stem the EU’s decline, calling for a massive investment of 800 billion euro annually. Draghi’s proposal is in line with an emerging post-pandemic pattern in EU policymaking. This pattern is characterized by flexible, ad-hoc measures that are implemented outside of the bloc’s treaty framework. We celebrate the boldness and effective design of this important template, even as we recognize some legal creativity necessary to carry out bold moves.

Keywords

• Draghi’s proposal
• EU
• NGEU
• EU