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EU Emergency COVID-19 Instruments as an Attempt to Address Deficiencies in the EMU Design

Gospodarka narodowa (Warsaw, Poland : 1990), 2021-12, Vol.308 (4), p.83-102 [Peer Reviewed Journal]

ISSN: 0867-0005 ;EISSN: 2300-5238 ;DOI: 10.33119/GN/143262

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  • Title:
    EU Emergency COVID-19 Instruments as an Attempt to Address Deficiencies in the EMU Design
  • Author: Szczurek, Mateusz
  • Subjects: emu ; fiscal policy ; macroeconomic stabilisation ; political economy
  • Is Part Of: Gospodarka narodowa (Warsaw, Poland : 1990), 2021-12, Vol.308 (4), p.83-102
  • Description: The European Recovery and Resilience Facility (RRF), together with the Temporary Support to Mitigate Unemployment Risks in an Emergency (SURE) instrument, constitutes a significant attempt to address deficiencies in the design of the European Monetary Union (EMU). This article shows the importance of a common fiscal instrument for the functioning of the EMU. It also shows why, before 2020, such mechanisms were extremely limited and why making the RRF and SURE permanent will be politically difficult. Challenges hampering fiscal integration in the EMU, combined with the need for a permanent fiscal capacity, make the implementation of the RRF from 2021 to 2026 crucial not only for post-COVID-19 recovery, but also for the long-term economic stability of the EU. A failure in the RRF’s transition into a permanent federal instrument will require a more conservative fiscal policy as member state budgets remain crucial for the macroeconomic stabilisation of asymmetric shocks.
  • Publisher: Collegium of Economic Analysis, SGH Warsaw School of Economics
  • Language: English
  • Identifier: ISSN: 0867-0005
    EISSN: 2300-5238
    DOI: 10.33119/GN/143262
  • Source: DOAJ Directory of Open Access Journals
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