The EU Recovery Package and What’s Next
In an unprecedented effort to deal with the effects of the global COVID19 pandemic crisis, on 21 July 2020 the European Council adopted a historic and extraordinary package to boost the recovery of the European economy. To understand more about the content and features of this ambitious package, the Florence School of Banking and Finance organised on 28 July an online seminar featuring Jean-Pierre Vidal, is Chief Economic Advisor to Charles Michel, President of the European Council.
The EU recovery plan builds on the 2021-2027 Multiannual Financial Framework (MFF) and is reinforced by a specific recovery effort called Next Generation EU (NGEU). After outlining the key elements of the deal and the process that led to the adoption of this package, the online seminar focused on the peculiar elements in the negotiation process that highlight the execptionality of this agreement – namely the different assessment by the parties involved of the impact of the crisis, the unprecedented size of the recovery fund and the balance between loans and grants, and the structure of the package in terms of governance.
In the discussion that followed, chaired by Elena Carletti (Bocconi University and Florence School of Banking and Finance, EUI) and featuring the participation by Pierre Schlosser (Scientific Coordinator, Florence School of Banking and Finance, EUI), the discussants reviewed the outcome of the negotiations and outlined the next steps in the implementation of the plan. Furthermore, the discussion explored the broader implications of this agreement for the European Union, analysing how the adopted measures may mitigate the current economic slowdown and the existing opportunities to accelerate the green and digital transitions.
This online seminar is the last of the Florence School of Banking and Finance’s online event series assessing the Economic Impact of COVID-19. The season will resume in September, with a new schedule of online events.