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EU Fiscal Capacity - Legal Integration After Covid-19 and the War in Ukraine (Paperback)
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EU Fiscal Capacity - Legal Integration After Covid-19 and the War in Ukraine (Paperback)
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The explosion of the Covid-19 pandemic in February 2020 led to a
paradigm change in the European Union architecture of economic
governance. To mitigate the pandemic's damage, the EU established a
Recovery Fund called 'Next Generation EU' (NGEU). Funded though
resources raised on the financial markets, this special budget is
worth 750bnEURO at 2018 prices, which corresponds to 806,9bnEURO at
current prices. Disbursed to member states in the form of both
loans and grants and to be repaid on a long-term basis through the
introduction of new EU taxes, the NGEU has endowed the EU with
borrowing, spending, and taxing powers. EU Fiscal Capacity: Legal
Integration After Covid-19 and the War in Ukraine argues that the
NGEU constiutes a profound overhaul in the EU architecture of
economic governance. Moving away from the fiscal surveillance shown
in response to the euro-crisis, the EU has adopted a strategy of
fiscal federalism more akin to the United States. The return of war
in Europe following 75 years of peace has caused yet more
socio-economic damage for the EU. Occuring as Europe was slowly
re-emerging from the pandemic, the war in Ukraine has disrupted
supply chains, increased humanitarian assistance costs, and
generated an energy crisis. Within the context of war, the
limitations of the current EU constitutional arrangements have yet
again been exposed. EU Fiscal Capacity argues that the EU needs to
retain the NGEU as a permanent feature of EMU. The first book to
analyse how the Covid-19 pandemic and the war in Ukraine have
affected Europe's Economic & Monetary Union from an EU law and
policy perspective, this book is a must read for policy makers and
students of European law and politics alike.
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