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Wednesday, May 20, 2020

An E.U. Economic Recovery Fund: A Federal Problem

On May 18, 2020, with the E.U. Commission having been no match for the states’ own interests in their own health and economic crises, the governors of France and Germany announced that they would support a recovery fund to help the states most in need. The €500 billion fund of grants (not loans) would be raised on the capital markets and guaranteed by the state governments. It would be part of the federal budget.[1] I submit that the imbalance in that federal system is evident; here again, the power of the state governments relative to the federal Commission shows the weakness of the latter.

The full essay is at "E.U. Recovery: Federalism."

[1] Katya Adler, “Politics and PR: Behind the Scenes of Franco-German Recovery Fund,” BBC.com, May 18, 2020.