INSTRUMENTS OF THE EUROPEAN UNION CREATED DURING THE PANDEMIC
A TEMPORARY SOLUTION OR A STEP TOWARDS COMPLETE FISCAL INTEGRATION?
DOI:
https://doi.org/10.30925/zpfsr.45.2.4Keywords:
European Union, NextGenerationEU, COVID-19, recovery plan.Abstract
The economy of the Member States of the European Union was adversely affected by the COVID-19 pandemic. Therefore, the EU adopted several public finance instruments to encourage their recovery. Among these, the most important measures were the adoption of the NextGenerationEU recovery plan, the SURE program and the activation of the general escape clause of the Stability and Growth Pact. The EU borrowed from the capital markets to collect more than 800 billion euros provided for the NGEU implementation. Furthermore, since the NGEU will be debt-financed, the EU has announced the creation of new resources to ensure repayment. Considering that the aforementioned measures represent novelties in the fiscal relations between the EU and the member states, this paper aims to present the course of their creation, legal foundations and, finally, their potential to change the model of the EU's fiscal federalism.
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Copyright (c) 2024 Viktorija Pisačić
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