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What it does though is throw up the perennial question: in a system of shared economic policy-making and spending, how does the centre (the EU) make sure its priorities are being implemented at national level, where both the formulation of priorities and the implementation of projects lie?

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None of the above is to suggest that overall the RRF was not a success. There is the macro-economic impact which, though the extent of which is subject to debate and definition, was there. And we must not forget the psychological impact during the uncertainty of the early Covid period.

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This also in the context that by the Commission's own admission national Recovery and Resilience Plans "were amended regularly, reflecting the need to adapt RRF measures to evolving economic, financial and geopolitical circumstances", resulting in a total of 140 revisions by end August 2026.

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... but at the very least I guess we can deduce that hard sticks - forcing a rewrite of those plans or withholding money - were used only very rarely. BTW this is the list of suspended milestones and targets per Member State.

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Turns out only 0.9% of all milestones and targets have been suspended since 2021. This does not in itself prove that the EU level had no say - national plans were drawn up in close consultation between the Commission and Member States after all, and plans could simply have been good to start with.

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Lasse Boehm @boehmlasse.bsky.social · 06/10/2026

Yesterday the @ec.europa.eu presented its fifth annual report on the implementation of the Recovery and Resilience Facility (RRF) and it makes for interesting reading for the discussion whether the RRF represented a shift of power to Brussels (anyone remember the "Hamiltonian moment" rhetoric?)

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On today’s EP debate on the MFF: no deal on the MFF would not just mean a freeze of current spending levels but also a freeze to the budget *structure* - meaning no shift of spending to new priorities. Also, NGEU repayment will kick-in regardless, eating into whatever money is left.

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You mean the EP resolution I mentioned? This is the page on the vote result page. The resolution was adopted in full (click on the PDF or Word): www.europarl.europa.eu/doceo/docume...

europarl.europa.eu

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What all this amounts to is the absence of a discussion over what kind of economic model to pursue, from where and what level of government revenue should come from, and how to spend it.

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All the while the T-Word (taxes) is not mentioned other than that "any modern budget needs new own resources", without, again, specifying size and scope of such revenue streams.

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Also, note the plea that "clear fiscal choices will have to be made" which is left hovering in the air without any more specific follow-up since, as we all know, fiscal policy is a national competence and Member States disagree.

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This absence of any discussion of substance is particularly odd (though by no means surprising) given that just the day before the EP plenary adopted a resolution calling for a European safe asset which could finance European public goods (subject to a clear repayment plan from the outset).

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Well spotted. #SOTEU only refers to "society" and "great minds" rather than actual (elected) decision-makers.

On the economy ("our number one priority"), the Commission seems to be withdrawing to a purely procedural approach: the One Europe, One Market Roadmap (while useful!) does not contain any commitment of substance, only on timing - and it does not tackle the issue of national vs EU competences #SOTEU

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Lasse Boehm @boehmlasse.bsky.social · 11/09/2026

The key analytical lens to approach #SOTEU is whether any of the actions proposed are full-fledged policies or mere initiatives: does the Commission propose something that it can (and want) to pursue over time and across different layers of governance and which is coherent with other action taken?

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“What have the Romans ever done for us, except their consumer and labelling laws?”

Lasse Boehm @boehmlasse.bsky.social · 10/09/2026

link to the ECA report: www.eca.europa.eu/en/news/NEWS...

eca.europa.eu

NEWS-SR-2026-21

Lasse Boehm @boehmlasse.bsky.social · 10/09/2026

And that's not even to open the discussion over European public goods which enable the EU as a whole to achieve an outcome in the most effective and efficient way possible.

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Lasse Boehm @boehmlasse.bsky.social · 10/09/2026

If you needed a warning about whether the next MFF will ensure the EU achieves all its objectives, look no further than the latest @euauditors.bsky.social report on #RePowerEU. It's not just the total sum that matters but the governance: without quantifiable objectives, implementation is diffuse.

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Lasse Boehm @boehmlasse.bsky.social · 07/07/2026

Dollar-denominated stablecoins: the European Parliament today (in a non-legislative vote) expressed its concern for their impact on the EU's monetary sovereignty and called for a robust regulatory framework. #crypto

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Reposted by Lasse Boehm

Henry Mance @henrymance.ft.com · 06/07/2026

Incredible

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Lasse Boehm @boehmlasse.bsky.social · 23/06/2026

The European Parliament's Committee on Economic and Monetary Affairs just approved, in first reading, the proposal for a Digital Euro with 43 votes in favour, 14 against and 1 abstention - the first step towards what could become the world's first fully-digital sovereign currency.

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Reposted by Lasse Boehm

Anna Heckhausen @annaheckhausen.bsky.social · 11/06/2026

The numbers are finally on the table. The Cypriot Council Presidency has published its long-awaited first negotiating box with figures for the EU’s next 7-year budget, the #MFF. A first take on what changes, what doesn’t – and why Berlin will not be very happy. 1/

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Lasse Boehm @boehmlasse.bsky.social · 11/06/2026

As everyone waits for the Council's negobox negotiating position on the MFF, worth remembering that as things stand now the context for the next budget is (a) no more RRF spending which terminates this year, (b) NGEU repayment, and (c) an end to the National Escape Clauses on defence+energy by 2028.

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Lasse Boehm @boehmlasse.bsky.social · 09/06/2026

Agree, but a politico-industrial dimension exists alongside the military one. It will always be “easier” procedurally to do things nationally. But the result perpetuates an EU punching below its weight, and makes progress harder elsewhere. If large MS refuse any trade-offs why should anyone else?

Lasse Boehm @boehmlasse.bsky.social · 09/06/2026

Perhaps the pain wasn't big enough, or dependence on the US is politically easier. But going it alone essentially means implicitly adopting a "capture the market" strategy by setting everyone up for a competitive fiscal (and perhaps political) spiral.

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Lasse Boehm @boehmlasse.bsky.social · 09/06/2026

The end of FCAS also throws into doubt underlying quasi-neofunctionalist assumptions on defence industrial integration: shrinking fiscal space was going to structurally force EU Member States to co-operate.

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Lasse Boehm @boehmlasse.bsky.social · 03/06/2026

The European Commission gives Member States extra fiscal flexibility for energy spending - by opening up the National Escape Clauses originally intended for defence spending. The clearest sign yet just how much diverging policy priorities compete for ever shrinking fiscal space.

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Lasse Boehm @boehmlasse.bsky.social · 02/06/2026

For scale: SAP has a market cap of $230bln, Volkswagen just above $50bln.

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Lasse Boehm @boehmlasse.bsky.social · 20/05/2026

The way I conceptualise the conflict at this point is that it plays out both spatially and temporally along 3 axes: 1-Multidimensional: power is not just military but also economic and ideational (narrative); 2-Interrelatedness: China, Russia; 3-Relativity: your enemy is my friend.

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Lasse Boehm @boehmlasse.bsky.social · 20/05/2026

As wild as today's NYT story on Ahmadinejad sounds (obv I have no idea whether it's even remotely true) it underlines the point that there will be no simple off-ramp to the Iran war if by off-ramp we understand reverting back to the pre-war notion of stable (though bad) but predictable relations.

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Lasse Boehm @boehmlasse.bsky.social · 20/05/2026

Climate change is an abstract threat, but it becomes real in insurance premiums for houses in areas prone to floods, wildfires or hurricanes. Interesting article on the US mortgage re-insurance market, based on granular postcode-level data: www.nber.org/papers/w32579

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Lasse Boehm @boehmlasse.bsky.social · 12/05/2026

If you need an explainer on the slow-burning risk that is private credit in the US, look no further than our latest EGOV briefing: what’s going on, what risks it poses, and what can be done. www.europarl.europa.eu/RegData/etud...

europarl.europa.eu

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Either way, the paper is worth a reflection if only for the alarm bell it sounds and the warning (correct in my view) that all low-hanging fruit have been harvested - which is precisely why we are stuck with these governance questions. www.nbb.be/fr/publicati...

nbb.be

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1/ What’s the legitimacy of this group for either its Members, or for others (knock-on effects)? 2/ How to guarantee uniform& reliable implementation faithful to decisions taken? This is the ultimate trade-off: once flexibility becomes the hallmark of a process, predictability will be impacted.

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The trouble starts when one starts to imagine a supposedly more nimble and agile governance structure in the form of either the EUCO or a smaller group of Member States. Whatever this arrangement and alternative to the traditional legislative process looks like, it always comes up against 2 issues:

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For any lovers of EU governance debates I recommend reading this week’s @nbb-bnb-fr.bsky.social paper by Wunsch & Langenus not because I agree with all it says, but because it asks some good questions. I agree EU debates often lack a reflection (or even consideration) of trade-offs.

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Compare this with his statement of 27 March where he said “Measures taken during this period should be targeted, fair, and effective, with priority given to the most vulnerable households and businesses.” - though he did mention sound budgets.

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European Parliamentary Research Service @ep-eprs.bsky.social · 04/05/2026

Interesting that Eurogroup Pres Pierrakakis mentions that national measures to buffer against high energy prices need to comply with fiscal rules - presumably reflects realisation that this crisis could last much longer than originally hoped.

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Reposted by Lasse Boehm

🗓️ Tomorrow in ECON: Public Hearing on Market integration and supervision. 📑 Get ready with our EPRS briefings: 🔎 Master directive link.europa.eu/7fxh6B 🔎 Master regulation link.europa.eu/kKwmRm 🔎 Settlement finality link.europa.eu/gxrgvr @econ.europarl.europa.eu @aurorelalucq.bsky.social

EPRS briefing summary on 'Capital markets integration and supervision: Master directive' (March 2026)

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Lasse Boehm @boehmlasse.bsky.social · 04/05/2026

Different platform but if you’re on @linkedin.com and want to get the latest briefings and studies for the European Parliament’s Committee on Economic and Monetary Affairs then do follow the new “ECON expertise” LinkedIN account which went live today, powered by EGOV:

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Lasse Boehm @boehmlasse.bsky.social · 04/05/2026

Very useful tracker by @bruegel.org on EU measures on #energy - once again illustrating that the bulk of measures are untargeted, despite the burden on fiscal space: www.bruegel.org/dataset/2026...