G. L. Tosato – The Recovery Fund: Legal Issues
In the video conference of April 23 the European Council (EC) agreed, with the consent of all Member States (MS), to establish a Recovery Fund (RF, also the Fund) dedicated to overcoming the unprecedented coronavirus crisis. As we learn from the Conclusions of the conference drawn by the EC President, it was also agreed that (i) the RF is needed and urgent, that (ii) it shall be of a sufficient magnitude and targeted to the sectors and geographical areas most affected; and that (iii) the Commission is delegated to analyse the exact needs and to urgently come up with an appropriate proposal.
The guidelines provided by the EC are certainly relevant. Yet, the basic points of the new instrument are still to be defined, which makes the European Commission’s task a rather difficult one. The following remarks present some legal issues which the Commission will have to consider. They bear, in particular, on the general framework, the financing and the disbursements of the RF.