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Πλοήγηση ανά Συγγραφέα "Koutsonikou, Maria"

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    NGEU: a groundbreaking fiscal instrument and its impact on GDP
    (2025-10-01) Koutsonikou, Maria; Κουτσονίκου, Μαρία; Kammas, Pantelis; Oikonomides, George; Katsimi, Margarita
    The COVID-19 pandemic exposed the structural limitations of the European Union’s economic framework and intensified the call for deeper fiscal integration. In response, the EU launched the Next Generation EU (NGEU), a historic €750 billion recovery initiative designed to foster economic recovery and long-term resilience. This thesis analyzes the design, rationale, and implementation of NGEU, emphasizing its innovative features, such as the issuance of common EU debt and performance-based disbursement linked to National Recovery and Resilience Plans (NRRPs). The study examines both the macroeconomic impact of NGEU on the EU’s GDP and the challenges related to fund absorption, institutional capacity, and legal legitimacy. Through simulation models (EAGLE and ECB-MC) and fiscal shock analysis, the findings suggest that NGEU has the potential to generate positive and lasting effects on GDP, especially in high-recipient countries like Italy and Spain. However, the effectiveness of the instrument depends heavily on timely implementation, productive investments, and coordinated governance. While NGEU represents a landmark in EU fiscal policy, its temporary nature raises critical questions about its role as a blueprint for future permanent fiscal instruments.