The European recovery plans designed in response to the crisis are exempt from the budgetary constraints imposed during the management of the Great Recession a decade ago. The focus is now on supporting European economies “whatever it takes”. This radical change of perspective is explained by the recognition that the austerity plans imposed ten years ago were too restrictive, by the evolution of the governance of the euro area, by a different macroeconomic context today than ten years ago, and by the emergence of new concerns in the past period (European populisms, infrastructure needs).
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