The Recovery and Resilience Plan for Europe: negotiation, objectives and management. A balancing act between cohesion and modernisation
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On July 17 and 21 of 2020, the Heads of State and Government reached, in the extraordinary meeting of the European Council, a political agreement on the European recovery plan “Next Generation EU” and the Multiannual Financial Framework 2021-2027. The package foresees huge public and private investments on a European scale in the coming years. Although investments are essential to reduce the effects of the pandemic and represent a great opportunity, they also entail a challenge for public administrations. The limited time frame required for the design and implementation of national plans raises questions about the adequacy of resources to drive long-term change. On the other hand, the analysis of the negotiation process reveals that the design of the “Next Generation EU” plan and the 2021-2027 MFF is not only determined by the desire to fight the crisis in a specific way but is also determined by political calculations. This article aims to contextualize and study the financial instruments included in the “Next Generation EU” plan and in the 2021-2027 MFF to better understand the logic of their action.