In 2020, the Covid-19 crisis generated a long-awaited paradigm shift in European economic governance. An unprecedented policy response was provided, together with an entirely new approach to fiscal capacity. The dogma of keeping the EU budget around 1 per cent of the Gross National Income (GNI) and keeping it in balance every year evaporated within a few months.
As we look forward to building the Europe of of the next ten years, it is clear that  it is not enough to create a new model budget, under the fancy name Next Generation EU (NGEU). Instead this moment in  history should be seen as an opportunity to discuss a more substantial reconstruction of the Economic and Monetary Union (EMU) and to take crucial steps in practice. Changes are needed for truly improving the resilience,

In 2020, the Covid-19 crisis generated a long-awaited paradigm shift in European economic governance. An unprecedented policy response was provided, together with an entirely new approach to fiscal capacity. The dogma of keeping the EU budget around 1 per cent of the Gross National Income (GNI) and keeping it in balance every year evaporated within a few months.As we look forward to building the Europe of of the next ten years, it is clear that  it is not enough to create a new model budget, under the fancy name Next Generation EU (NGEU). Instead this moment in  history should be seen as an opportunity to discuss a more substantial reconstruction of the Economic and Monetary Union (EMU) and to take crucial steps in practice. Changes are needed for truly improving the resilience,

In 2020, the Covid-19 crisis generated a long-awaited paradigm shift in European economic governance. An unprecedented policy response was provided, together with an entirely new approach to fiscal capacity. The dogma of keeping the EU budget around 1 per cent of the Gross National Income (GNI) and keeping it in balance every year evaporated within a few months.As we look forward to building the Europe of of the next ten years, it is clear that  it is not enough to create a new model budget, under the fancy name Next Generation EU (NGEU). Instead this moment in  history should be seen as an opportunity to discuss a more substantial reconstruction of the Economic and Monetary Union (EMU) and to take crucial steps in practice. Changes are needed for truly improving the resilience,