The purpose of this paper is to analyse the economic impact of Covid-19 on the EU and to discuss the recovery fund proposal that is expected to assist the member countries to overcome the challenges.
The purpose of this paper is to analyse the economic impact of Covid-19 on the EU and to discuss the recovery fund proposal that is expected to assist the member countries to overcome the challenges. The paper will explore what the proposal consists of; which countries are most affected?; why is this proposal unprecedented in the history of the EU?; and why the proposal is so crucial for the future of the EU? The paper argues that despite the divisions over the EU Commission’s recovery plan between the ‘Frugal Four’ and the southern states, the proposal to deliver the fund in the form of grants is of vital importance for the European economy and the integrity of the EU. The economic impact of Covid-19 is so severe that without a robust coordinated effort the already indebted countries of Euro-Zone will not be able to overcome the pandemic’s effects.
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