@techreport{GuttenbergNguyen, type = {Working Paper}, author = {Guttenberg, Lucas and Nguyen, Thu}, title = {How to spend it right - A more democratic governance for the EU Recovery and Resilience Facility}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:b1570-opus4-35594}, pages = {6}, abstract = {The Recovery and Resilience Facility (RRF) will be the core of the EU's new Recovery Instrument to fight the economic fallout of the pandemic. Under the RRF, 310 billion euros in additional EU spending will be allocated by the European Commission to member states based on individual Recovery and Resilience Plans (RRPs). In this Policy Brief, we argue that the proposed governance to decide on the assessment of RRPs lacks democratic elements as parliaments are largely sidelined. This should be changed to ensure necessary political ownership at national and European level; to include a second pair of European eyes to prevent misspending; and to avoid a roll-back of EU democracy. Therefore, we propose that the European Parliament get a veto over the Commission decision assessing individual RRPs and allocating funds. National parliaments should also have a say in the adoption of the RRP of the respective member state.}, language = {en} } @techreport{GuttenbergMack, type = {Working Paper}, author = {Guttenberg, Lucas and Mack, Sebastian}, title = {Building EU green bonds that deserve their name}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:b1570-opus4-36885}, pages = {4}, abstract = {The EU should seize the day: It should issue parts of the Recovery Instrument debt as green bonds and thereby boost that burgeoning market. But it is important to manage expectations: Issuing green bonds alone will not ‚green' recovery spending. This will depend on the criteria for climate-friendly spending in the legal texts governing the Recovery Instrument - and these so far lack teeth. So, there is a substantial risk that EU green bonds will set the wrong precedent now if backed by weak criteria. This would pre-empt future legislative work on the final EU green bond standard. If the criteria for climatefriendly spending are not strengthened, the Commission should scale back its ambition and should only issue green bonds for measures that fully match the criteria set out in the EU Taxonomy Regulation.}, language = {en} } @techreport{Guttenberg, type = {Working Paper}, author = {Guttenberg, Lucas}, title = {Time to come home - If the ESM is to stay relevant, it should be reinvented inside the EU}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:b1570-opus4-36962}, pages = {5}, abstract = {When restarting work on reforming the European Stability Mechanism (ESM), the Eurogroup should heed the lessons of the pandemic: The ESM has become politically unviable while there is apparently a lot more flexibility within the EU treaties than previously thought. Therefore, this policy brief argues that the old reform plans should be put to one side and the ESM should be reinvented inside the EU legal order if it is to remain relevant. Such a reinvention would create a coherent crisis management framework that would be politically sustainable in the long run.}, language = {en} } @techreport{Guttenberg, type = {Working Paper}, author = {Guttenberg, Lucas}, title = {How the EU should turn the tables on Hungary and Poland}, abstract = {The EU should counter blackmail attempts by the governments in Warsaw and Budapest with calm determination. As long as Poland and Hungary maintain their vetoes, there should not be any agreements on new EU spending programmes, from which these two countries benefit the most.}, language = {en} } @techreport{Guttenberg, type = {Working Paper}, author = {Guttenberg, Lucas}, title = {We Don't Need No Institution - What the Eurozone requires is not a treasury but a common fiscal policy}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:b1570-opus4-32881}, pages = {5}, abstract = {Does the Eurozone need a "treasury"? The answer is no: The Eurozone needs a common fiscal policy to complement the ECB's monetary policy. But it does not need a new institution to take fiscal policy decisions or to execute such decisions. The EU institutional framework is well-equipped to perform these functions. Hence, the focus of political energy should be on getting the right policies and instruments in place, not on building new shiny institutions.}, language = {en} } @techreport{GuttenbergGrundOdendahl, type = {Working Paper}, author = {Guttenberg, Lucas and Grund, Sebastian and Odendahl, Christian}, title = {Sharing the fiscal burden of the crisis - A Pandemic Solidarity Instrument for the EU}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:b1570-opus4-35141}, pages = {12}, abstract = {EU member states must share the burden of the fiscal costs of the COVID-19 pandemic. The Pandemic Solidarity Instrument delivers such burden sharing: The EU would borrow 440 billion euros in the market and would give it as grants to member states for specific spending in areas such as health care, short-time works schemes or stimulus packages; it would also give guarantees to the European Investment Bank to provide liquidity to European companies.}, language = {en} } @techreport{GuttenbergHemker, type = {Working Paper}, author = {Guttenberg, Lucas and Hemker, Johannes}, title = {Corona: A European Safety Net for the Fiscal Response}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:b1570-opus4-35107}, pages = {4}, abstract = {In order to avoid permanent scars from the economic impact of the Coronavirus in Europe, a determined fiscal response will be necessary. We argue that there should be a clear division of labor between Europe and national governments: the latter will have to provide stimulus with targeted measures, while Europe needs to build a safety net so that member states will not lose access to bond markets due to speculative attacks. This safety net should have three components: A commitment by member states to use ESM instruments without conditionality; a commitment by the ECB to use all of its tools; and a number of flanking measures to underscore member states' commitments.}, language = {en} }