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The EU's Opportunity to Turn Its Markets Toward the Future

Posted On: Jul 16, 2020   |   Posted By: Bruegel

The EU's Opportunity to Turn Its Markets Toward the Future

This article is based on a version first published in BRINK news.
The EU is newly looking to harness financial markets for good on its recovery path out of the COVID-19-caused recession. Germany's U-turn from abhorring public debt to ramping it up for a good cause has given momentum to a continental shift that may lead, for the first time, to joint EU borrowing at scale. EU leaders now are considering a sizeable aid fund that would allow the 27 member states to borrow jointly, harnessing their collective reputations to raise private-sector money for the recovery effort.
Leaders will use a mid-July summit to find common ground on how to move ahead. EU Council President Charles Michel made the case that acting collectively, and issuing aid money as grants rather than loans where possible, will strengthen the single market and broader economy by not weighing down individual member states with ever more debt. The EU needs to make a deal on its €1.1 trillion seven-year budget as well a proposed €750 billion...

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