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National Recovery And Resilience Plan - Opportunities And Challenges

Author

Listed:
  • Daniela Antonescu

    (Institute of National Economy, Romanian Academy)

  • Ioana Cristina Florescu

    (Institute of National Economy, Romanian Academy)

Abstract

The health crisis caused by COVID-19, together with previous crises, has shown that sustainable and resilient economies alongside strong financial and social protection systems have helped Member States to react more effectively and efficiently to shocks and recover faster. At the same time, resilience can lead to negative effects of shock propagation between Member States, affecting the process of convergence and cohesion in the European Union (EU). Falling expenditure on education, culture, healthcare can also affect the rapid recovery of economies. At the same time, investment and reforms can help build resilience and lead, in the medium and long term, to bringing back inequalities of all kinds. In the context of the health crisis, an innovative instrument – the Recovery and Resilience Mechanism – has been proposed and promoted at EU level to support recovery and resilience in regions and Member States, with the stated aim of providing financial support in order to accelerate sustainable reforms and related public investment. Although new in nature, this mechanism builds on the experience gained by Member States from using other instruments and programs launched and funded by the EU but this plan also comes with several opportunities and challenges that will be discussed in this article.

Suggested Citation

  • Daniela Antonescu & Ioana Cristina Florescu, 2022. "National Recovery And Resilience Plan - Opportunities And Challenges," Management Strategies Journal, Constantin Brancoveanu University, vol. 58(4), pages 5-14.
    • Handle: RePEc:brc:journl:v:58:y:2022:i:4:p:5-14
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