Covid-19 and Fiscal Union

Fabian Amtenbrink

Chapter 3 in Research Handbook on Post-Pandemic EU Economic Governance and NGEU Law, 2024, pp 24-42 from Edward Elgar Publishing

Abstract: The contribution reflects on the need for a permanent supranational fiscal shock absorption capacity against the background of the recent EU response to the Covid-19 pandemic. First, legal, economic, and political arguments in favour of more robust EU fiscal capacity are presented. This is followed by an analysis of to what extent main measures taken in response to the pandemic, namely the temporary EU Recovery Instrument and the Recovery and Resilience Facility at the heart of NextGenerationEU, as well as the European instrument for temporary support to mitigate unemployment risks in an emergency, should be considered as a template for the establishment of permanent mechanisms. It is argued that the main value of the ad hoc crisis measures lies in the uncovering of the various political, economic, and legal considerations that must go into the design of a permanent supranational fiscal shock absorption capacity.

Keywords: Economics and Finance; Law - Academic; Politics and Public Policy (search for similar items in EconPapers)
Date: 2024
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