M. Buti, M. Messori – Implementing the Recovery and Resilience Plans: The Case of Italy
The exceptionality of the pandemic, its exogenous nature that has reduced the importance of the 'moral hazard', and the growing awareness that the European Union (EU) must optimise its 'internal' growth engine (i.e. the single market) have created the conditions for a 'high'-quality response to the crisis. As is widely acknowledged, the agreement reached at the European Council in mid-July 2020 regarding 'Next Generation - EU' (NG - EU) and its main programme, the 'Recovery and Resilience Facility' (RRF), can become a milestone in the European integration process.
This initiative presents an extraordinary opportunity. However, it can be exploited only to the extent and in the way in which Member States use these financial resources to relaunch their growth and profoundly reform their national economies - and consequently the European economy. In addition, the preparation and completion of the national Recovery and Resilience Plans (RRPs) – which must be evaluated by the European Commission (EC) and approved by the Council of the EU in order for each Member State to gain access to the RRF resources – are taking place during the pandemic’s second wave, which inevitably will have serious economic and social consequences.