The EU Recovery Fund: a €750bn make-or-break moment for southern Europe

Southern Europe is about to spend an unprecedented amount of money on its Covid-19 recovery — but how can it avoid the pain of the last crash?

The idea of ‘European unity’ has become something of an ironic joke for many in the south of the continent since the 2008 economic crisis.

Countries like Greece felt as though they had been hung out to dry by their northern neighbours, as state debt packages came with punitive fiscal conditions that enforced harsh austerity on their populations.

Unemployment, particularly among the young, skyrocketed in southern Europe, causing deep economic scars that, in some cases, are still healing today.

The European recovery, it is said, was a harshly uneven one.

It’s against this backdrop that, last month, European politicians finally agreed to raise a €750bn fund to be allocated among EU states to help the Covid-19 recovery.

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