Europe | Recovery Fund: Crisis as an Opportunity

The draft for the European fiscal stimulus laid out last week by the European Commission—which builds on the recent Franco-German proposal to establish a Recovery Fund—has two interpretations and both are positive.

Key points

• Key points:
• One has to do with the contribution of common funds to overcoming the crisis that we are already experiencing.
• The other has to do with progress toward a possible fiscal union in the euro area.

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