The war in Ukraine and the COVID-19 pandemic have affected the value of the euro and the constitutional architecture of economic governance in the EU. To help repair the economic and social damage of the pandemic, the EU introduced NextGenerationEU, a €800 million economic recovery fund, to build Europe's environmental and digital future. The EU's infant fiscal capacity raises the question of the benefits and challenges of retaining the fund as a permanent feature of European Monetary Union.
Photo Credit: European Commission
