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Next Generation EU: A euro area perspective

Author

Listed:
  • Freier, Maximilian
  • Grynberg, Charlotte
  • O'Connell, Marguerite
  • Rodríguez-Vives, Marta
  • Zorell, Nico

Abstract

The article takes stock of Next Generation EU (NGEU) from a euro area perspective. NGEU is a temporary crisis instrument that, if implemented successfully, is expected to significantly improve Europe’s economic prospects. In the short term, it should support the recovery of the EU economy. In the medium term, NGEU should help to modernise the EU economies, with positive effects on their growth potential, resilience and convergence. The article provides a synthesis of the fiscal measures and structural reforms embedded in the national recovery and resilience plans of euro area countries. It also looks at the economic impact of the planned investments. Finally, the article examines the novel governance approach that can sustain a successful implementation of NGEU. JEL Classification: E62, E61, F47

Suggested Citation

  • Freier, Maximilian & Grynberg, Charlotte & O'Connell, Marguerite & Rodríguez-Vives, Marta & Zorell, Nico, 2022. "Next Generation EU: A euro area perspective," Economic Bulletin Articles, European Central Bank, vol. 1.
    • Handle: RePEc:ecb:ecbart:2022:0001:2
    Note: 1649295
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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/articles/2022/html/ecb.ebart202201_02~318271f6cb.en.html
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    Citations

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    Cited by:

    1. Andrew Hodge & Zoltan Jakab & Jesper Lindé & Vina Nguyen, 2022. "U.S. and Euro Area Monetary and Fiscal Interactions During the Pandemic: A Structural Analysis," IMF Working Papers 2022/222, International Monetary Fund.
    2. O'Connell, Marguerite & Abraham, Laurent & Oleaga, Iñigo Arruga, 2023. "The legal and institutional feasibility of an EU Climate and Energy Security Fund," Occasional Paper Series 313, European Central Bank.
    3. Bańkowski, Krzysztof & Bouabdallah, Othman & Domingues Semeano, João & Dorrucci, Ettore & Freier, Maximilian & Jacquinot, Pascal & Modery, Wolfgang & Rodríguez-Vives, Marta & Valenta, Vilém & Zorell, , 2022. "The economic impact of Next Generation EU: a euro area perspective," Occasional Paper Series 291, European Central Bank.
    4. Rodríguez-Vives Marta, 2023. "Towards a Common EU Debt: Where Do We Stand?," Intereconomics: Review of European Economic Policy, Sciendo, vol. 58(6), pages 305-310, December.

    More about this item

    Keywords

    economic governance; Next Generation EU (NGEU); public investment; Recovery and Resilience Facility (RRF); structural reform;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F47 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Forecasting and Simulation: Models and Applications

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