Amid doubts around the implementation of the €800 billion recovery fund, European Commission and experts stress that the EU instrument is not a US-like emergency stimulus but an investment tool for the medium-term to transform the European economy.
Last July, every EU leader agreed on describing the recovery fund as a “historic deal”, built on the unprecedented joint issuance of €800 billion of EU bonds.
But the slow process of finalising all the details of the fund, preparing national recovery plans and green-lighting the massive borrowing in national parliaments sparked concerns among investors and criticism in national capitals.
“We have lost too much time. China has resumed its growth, the US is booming, the EU must remain in the race,” French finance minister, Bruno Le Maire said recently.