The macroeconomic value of the EU’s €750bn Recovery Fund lies somewhere between modest and trivial. Part of it is reshuffling money that would have been spent anyway. The rest is spread thin over many years.

The significance is political. The fund is a profound change in the structure and character of the European Project. The Commission will have powers to raise large funds on the capital markets for the first time and to direct how the spending is allocated, turning this strange hybrid creature into an even more extraordinary institution.

The article's full text is on
www.telegraph.co.uk/business/2020/07/21/europes-750bn-recovery-fund-economic-pop-gun-political-howitzer/