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The Own Resources Decision (ORD) and EU public finances

In: Research Handbook on Post-Pandemic EU Economic Governance and NGEU Law

Author

Listed:
  • Ana Belén Macho Pérez

Abstract

In the wake of the Covid-19 crisis, followed by the Russsian invasion of Ukraine, the EU’s public finances are undergoing a transformation process, both in terms of expenditures and revenues. The classic Multiannual Financial Framework has been reinforced with a specific additional Fund (NextGenerationEU (NGEU)), which represents a significant volume of public spending. Its centrepiece is the Recovery and Resiliency Facility, now amended by the REPowerEU Regulation. To finance this fund the European Commission is borrowing on the capital markets on behalf of the EU. The need to finance this European public debt may well be the definitive impetus for new EU taxes. This tax reform is not easy due to the unanimity rule, among other factors; but it reflects a very important change within the EU, both in its own fiscal policy and that of the states, and it also implies a strategic reconfiguration of the EU, which is yet to be defined.

Suggested Citation

  • Ana Belén Macho Pérez, 2024. "The Own Resources Decision (ORD) and EU public finances," Chapters, in: Federico Fabbrini & Christy A. Petit (ed.), Research Handbook on Post-Pandemic EU Economic Governance and NGEU Law, chapter 17, pages 255-271, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:23111_17
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035328161.00028
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