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This book traces the evolution of financial assistance in the European Union, from the outbreak of the sovereign debt crisis in 2009 to the Covid-19 pandemic in 2020 and the Russian invasion of Ukraine in 2022. Each of these shocks generated wide-ranging economic and political repercussions that demanded rapid and often unprecedented EU financial assistance to support member states and partner countries.
The book examines how EU institutions and national governments shaped the development of emergency financial instruments across the three crises. It follows the establishment and governance of key borrowing mechanisms from the European Stability Mechanism to the Recovery and Resilience Facility, the Security Action for Europe, and the Ukraine Facility to show how earlier experiences informed subsequent reforms. The analysis highlights an apparent shift in the governance of EU financial assistance, from a model centred on intergovernmental coordination to one increasingly marked by supranational delegation.
The book will appeal to all those interested in European studies, public policy, political economy and public administration.
List of contents
1. Introduction: The Politics of Financial Rescue.- 2. The European Integration of Financial Assistance.- 3. The Euro Crisis and the Establishment of the European Stability Mechanism (ESM).- 4. The COVID-19 Pandemic and the Recovery and Resilience Facility (RRF).- 5. Institutional Change in EU Financial Assistance: Structural Constraints and Political Entrepreneurship.- 6. Policy Learning and European Financial Assistance Integration.- 7. Conclusion: A Research Agenda for EU Economic Governance.
About the author
Andrea Capati
is Postdoctoral Researcher and Adjunct Professor in the Department of Political Science, LUISS Guido Carli University, Italy, and a recurrent Visiting Researcher at the Robert Schuman Centre for Advanced Studies, European University Institute, Italy.
Summary
This book traces the evolution of financial assistance in the European Union, from the outbreak of the sovereign debt crisis in 2009 to the Covid-19 pandemic in 2020 and the Russian invasion of Ukraine in 2022. Each of these shocks generated wide-ranging economic and political repercussions that demanded rapid and often unprecedented EU financial assistance to support member states and partner countries.
The book examines how EU institutions and national governments shaped the development of emergency financial instruments across the three crises. It follows the establishment and governance of key borrowing mechanisms – from the European Stability Mechanism to the Recovery and Resilience Facility, the Security Action for Europe, and the Ukraine Facility – to show how earlier experiences informed subsequent reforms. The analysis highlights an apparent shift in the governance of EU financial assistance, from a model centred on intergovernmental coordination to one increasingly marked by supranational delegation.
The book will appeal to all those interested in European studies, public policy, political economy and public administration.
