2020
DOI: 10.1007/s10272-020-0923-z
|View full text |Cite
|
Sign up to set email alerts
|

Spillover Effects From Next Generation EU

Abstract: In July 2020, the European Commission announced its €750 billion package to revive the postpandemic European economy, Next Generation EU. The programme comprises a number of loans and grants that will be funded by taking out European debt. Although the rules on liability sharing for Next Generation EU prevent a significant mutualisation of the debt, European leaders have taken the long-recognised significant first step towards European financial and political unification that stands in stark contrast to the mi… Show more

Help me understand this report

Search citation statements

Order By: Relevance

Paper Sections

Select...
1
1
1
1

Citation Types

0
13
0
3

Year Published

2021
2021
2023
2023

Publication Types

Select...
7
2

Relationship

0
9

Authors

Journals

citations
Cited by 29 publications
(16 citation statements)
references
References 4 publications
0
13
0
3
Order By: Relevance
“…If these technologies are essential for health services management and patient treatment, governments should invest and contribute to healthcare organisations' modernisation. New investment funds could be made available in the healthcare world, as in the European case with the Next Generation EU programme or national investment programmes [ 95 ]. Additionally, this should happen especially in the poorest countries around the world, where there is a lack of infrastructure and services related to health and medicine [ 96 ].…”
Section: Discussionmentioning
confidence: 99%
“…If these technologies are essential for health services management and patient treatment, governments should invest and contribute to healthcare organisations' modernisation. New investment funds could be made available in the healthcare world, as in the European case with the Next Generation EU programme or national investment programmes [ 95 ]. Additionally, this should happen especially in the poorest countries around the world, where there is a lack of infrastructure and services related to health and medicine [ 96 ].…”
Section: Discussionmentioning
confidence: 99%
“…In the current context, stakeholder stances related to the EIB double-axis activity for addressing both climate and pandemic crises are diverging, in the same fashion as not-for-profit organizations and, in particular, public banks. In the case of the EIB in particular, the stakeholder interests diverge for a broad variety of reasons, such as: i) sectoral and geographic asymmetries triggered by the pandemic (Bunte et al 2021;Carney, 2020;Das et al, 2021;Eurostat, 2021); ii) funding preferences for concessional funding in the form of EU grants provided under the new Recovery and Resilience Facility as well as pre-existing programs, instead of EIB loans which have to be repaid and come with strict conditions; iii) macroeconomic context, as countries with fiscal surpluses are benefiting from the timing of the NGEU funds-outflow, given that payouts will be effective in 2023, while countries with short-term requirements, mostly those that hit by the global financial crisis, can only bridge their funding needs with loans from the EU, which have to be repaid in 2028-2058, and additional EIB loans; iv) capital market conditions, as the EC becomes an important EIB competitor (Ainger & Nardelli, 2021) through its new 30-year Eurobonds which are to be issued for a planned EUR 1 trillion over the next five years in order to fund the EU loans mentioned above to the countries with no fiscal surpluses; v) paucity of funds, as the European financial response package falls short of the economic recovery needs (Picek, 2020), provoking a rally among countries and project promoters for securing financing for urgent short-term survival needs rather than long-term funding for climate-related transformations; vi) fund-distribution mechanisms, favoring predominantly the EIB's existing network of partner financial institutions which intermediate the channeling of EIB funds to small and medium-sized enterprises (SMEs) (Clifton et al, 2020), continuing the path of favoring opaqueness (Clifton et al, 2020;Griffith-Jones & Naqvi, 2020), while increasing competition among EIB's peers addresses the -need to level the playing field‖ (Mertens et al, 2020, p. 8) and the need to develop novel approaches for tackling the twin crises (Carney, 2020); vii) financialization of COVID-19 related investments through intermediation via the banking sector, which has been criticized as inappropriate for public goods sectors such as health (Clifton et al, 2020; Counter Balance (CB), 2021).…”
Section: Applying the Stakeholder Governance Framework To The Eibmentioning
confidence: 99%
“…59 Already in the Multiannual financial framework (2021–2027) and Next Generation EU Fund 60 we notice the first signs of greater European fiscal integration, for example, revenues deriving from the constituent carbon tax at the border have already been budgeted. Picek ( 2020 ), who conducted an analysis of the economic effects of the reconstruction plan Next Generation EU, highlights the need for a coordinated fiscal policy response to the economic consequences of the coronavirus pandemic to optimize the effectiveness of measures to stimulate the economy. These represent the first cries of a European financial collection and its redistribution.…”
Section: Flexibility In Calculating Emissions: Charge On Added Emissions 51mentioning
confidence: 99%