Finanza e politica nell’UE dopo la pandemia. Verso un auspicabile incontro
Sommario: 1. Premessa. – 2. Dalla tesi funzionalista di J. Monnet alla “moneta unica”. – 3. La crisi finanziaria del 2008 e le crescenti disparità tra gli Stati membri. – 4. Il Covid-19: emer- genze e opportunità… – 5. L’incidenza della pandemia sugli Stati UE… – 6. (segue) …il Next Generation EU e la necessaria affermazione dello “Stato di diritto”. – 7. L’Unione verso for- me di auspicata coesione e solidarietà.
The negative implications of the Covid-19 pandemic crisis have resulted in emergency measures launched by the regulatory authorities and central banks to support households and corporations. However the effects of pandemic exacerbated the spirit of cohesion among EU member states which responded with legislative initiatives aiming to enhance long-term policies of social and financial welfare. The programme ‘Next Generation EU’ contains a set of recovery and resilience facilities (the “PEPP”) to boost economy in the Eurozone. This programme complements the ECB’s regulatory interventions of Quantitative Easing and TLTRO III that should absorb the losses accumulated during the health crisis. These initiatives have revealed an expansionary role of the ECB in the economic governance of the Union as highlighted in a recent judicial decision pronounced by the German Constitutional Court. The pandemic event has tested the foundations of the EU and pushed towards sustainable investments while, at the same time, raised concerns on the real achievement of a Green Deal.