The Recovery Fund Faces a Tricky Passage

By Christian Odendahl and John Springford The Commission’s proposed recovery fund is macroeconomically meaningful. The ‘frugals’ should focus less on negotiating away the transfers to harder-hit countries, and more on how the money is spent. The European Commission has turned the €500 billion EU recovery fund proposed by Angela Merkel, the German chancellor, and Emmanuel Macron, the…