A tricky challenge, a bad track record

The decisions reached by the leaders summit in Brussels last month on the European Union Rescue Fund may have been beneath the expectations cultivated by France and Germany's initial proposal, as they reduced the level of grants by 22% and increased loans by 44%. And the realization that Europe's grand visions are often cramped by political expediency at a lesser, national level (Dutch Prime Minister Mark Rutte might have had a completely different stance if he wasn't facing elections next March) may also cause some bitterness. But the fact is that the EU's Next Generation post-Covid recovery plan is an important step toward its further integration. It is the first time that the European Commission will borrow money on behalf of the entire European Union, with 52% of that being distributed among member-states in the form of grants.

Greece can expect to receive 32 billion...

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