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EU aid fund: interim results reached after half-time
Read the interim assessment of the EU recovery fund, which is combating the consequences of the pandemic. Halftime for the multi-billion dollar project.
EU aid fund: interim results reached after half-time
To combat the consequences of the pandemic, the EU has created a huge aid fund that is intended to lead member countries into a better future. The recovery fund was established in 2021 in response to the impact of the Covid-19 pandemic and will make disbursements until 2026. After reaching half of its term, it is time to take stock.
The creation of the EU recovery fund was a measure to address the economic dislocation caused by the pandemic while driving forward the continent's green and digital transformation. It is one of the most expensive projects in the history of the EU and was primarily intended to prevent the southern European countries from being able to finance themselves on favorable terms on the financial market.
Despite its positive objectives, some difficulties and challenges have emerged in the implementation of the fund. One of the main criticisms concerns the use of the funds provided by the member states. In Italy in particular, there were problems with the efficient use of funds because the administration did not have enough specialists to initiate and support projects.
In addition, the multi-billion dollar program attracted fraudsters who tried to swindle money from the fund. The European Public Prosecutor's Office EPPO opened 230 investigations and arrested suspects in several countries. Despite these challenges, Europe quickly recovered economically after the pandemic, although it is difficult to assess to what extent this is due to the Fund or other factors.
There are differences of opinion regarding the financing of the fund, in particular regarding the mechanism and the repayment of the capital raised by the EU. Critics fear the EU will not have enough money to repay the fund's debts, which could lead to austerity measures in other areas such as research. The future of the EU Recovery Fund will continue to be the subject of intense debate within the EU as various political, economic and administrative challenges need to be addressed.