Reference : The EU’s Recovery and Resilience Facility: An Exceptional Borrowing Instrument?

	Document type :	Scientific journals : Article
	Discipline(s) :	Law, criminology & political science : Political science, public administration & international relations
	Focus Areas :	Finance
	To cite this reference:	http://hdl.handle.net/10993/55910

Title :	The EU’s Recovery and Resilience Facility: An Exceptional Borrowing Instrument?
Language :	English
Author, co-author :	Howarth, David [University of Luxembourg > Faculty of Humanities, Education and Social Sciences (FHSE) > Department of Social Sciences (DSOC) >]
	Hodson, Dermot [Loughborough University]
Publication date :	Aug-2023
Journal title :	Journal of European Integration
Publisher :	Routledge
Volume :	Early View
Peer reviewed :	Yes
Audience :	International
ISSN :	0703-6337
e-ISSN :	1477-2280
Country :	United Kingdom
Keywords :	[en] Next Generation EU ; Recovery and Resilience Facility ; EU as a borrower ; historical institutionalism ; public debt ; European Commission
Abstract :	[en] The Recovery and Resilience Facility (RRF) authorises the European Commission to borrow up to €672.5 billion to aid member states’ economic recovery from COVID-19. Some scholars see such funding as unprecedented. Others see a tight link with earlier borrowing instruments. By comparing the EU’s pandemic facility to eleven such instruments created between 1952 and 2021, this article shows that the RRF is familiar in some respects but novel in others. Viewed through a historical institutionalist lens, the RRF shows signs of layering, but limited evidence of displacement or path dependence. Over the last seven decades, member states have added to earlier instruments, we show through process tracing, but they have rarely been locked into institutional choices. The RRF’s strict time limit is consistent with this finding. The RRF will not become permanent, our analysis suggests, but borrowing is now part of the EU’s toolkit.
Target :	Researchers ; Professionals ; Students ; General public
Permalink :	http://hdl.handle.net/10993/55910
DOI :	10.1080/07036337.2023.2243378
Other URL :	https://www.tandfonline.com/doi/full/10.1080/07036337.2023.2243378
FnR project :	FnR ; FNR15560511 > David Howarth > Bank-EU > Banking On Europe > 01/10/2021 > > 2021

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