ISBN: 978-2-39067-040-7

Year: 2022

Editors: Gian Marco Bovenzi & Olga Łabendowicz

With its social and economic consequences, the COVID-19 crisis has posed an enormous challenge for all Member States of the European Union (EU). Accordingly, at the end of 2020, the EU launched NextGenerationEU, an extensive development tool to support rapid recovery.

The most important instrument of the NextGenerationEU is the Recovery and Resilience Facility (RRF). Under its umbrella, more than EUR 720 billion will be made available to Member States for investments in the form of loans and grants. These funds are intended not only to help Member States to recover from the crisis, but also to make them more resilient in the future. The funds will support EU citizens and businesses, and contribute to Europe’s sustainable and digital transformation.

The recovery fund is a historic step for the EU. For the first time, the Commission can take on debt on a large scale and distribute the money among individual Member States. However, the RRF will face a serious acceptance problem if its funds vanish into corrupt structures.

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