Next Generation EU (NGEU) – the COVID-19 recovery package at the centre of the new EU policy response – has been hailed as a “Hamiltonian moment”, with reference to the first US Secretary of the Treasury who replaced individual states’ debts with US federal debt. As the NGEU enters its implementation phase, it is time to question the value of such a claim. This paper will explore the novelties and transformative potential of this instrument. Specific reference is made to Spain, as it may constitute a test case for the success of the initiative.
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