2020 was an important year for the European Union (EU). The pandemic led to a number of important structural changes that will shape the EU’s financial framework over the coming years. First, the EU created its Recovery Fund, which comes to a size of €750 billion. The fund comprises a mixture of grants and loans – the grant part of the fund is mutually funded by all eurozone countries. This was a game-changer for the EU and some commentators even labelled this as the EU’s own Hamiltonian moment. The creation of joint and severally liable EU bonds could prove to…

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