Embedding the recovery and resilience facility into the European Semester: macroeconomic coordination gains and democratic limits
Book
Creel, Jérôme ; Leron, Nicolas ; Ragot, Xavier ; Saraceno, Francesco
European Trade Union Institute, Brussels
ETUI - Brussels
2021
8 p.
economic recovery ; EU policy ; macroeconomics ; fiscal policy
ETUI Policy Brief. European Economic, Employment and Social Policy
2021.14
Economics
English
Bibliogr.
2031-8782
"Policy recommendations
• The Recovery and Resilience Facility (RRF), which makes up the bulk of the ‘Next Generation EU' plan, with 672.5 billion euros (€) in loans and grants (out of a total of €750 billion), has given new momentum to policy and political coordination in the EU. As embedded in the European Semester, however, it requires that the latter goes beyond its role of fiscal surveillance.
• The Recovery and Resilience Facility calls into question the balance between a technocratic view of the goals and their achievements, and a democratic view that can shape a genuinely European impetus.
• Broadening accountability for RRF management to the European Parliament and social partners at the national or European level would give European integration long-lasting momentum.
• Beyond the RRF, the production of European public goods financed by a truly European tax system, not by national contributions, would make it possible to establish a solid democratic basis for the EU's legitimacy."
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