Neli talve Brüsselis: Euroopa Nõukogu eesistumisest suure ühisvõlani ja ühest stabiliseerimisest teiseni

Abstract

The author of this article worked as a diplomat in Brussels from 2017 to 2020 and was directly involved in the change the economic and financial policies of the European Union, which was largely driven by the global financial crisis of 2008-2009 and the euro area debt crisis that followed in the first half of the second decade. The period of the Estonian Council Presidency also remained in this period of economic and financial diplomacy. In the middle of the decade, common financial instruments were created, which burden on the Community budget was expected to be and has been rather limited (facilitating access to capital through the guarantees of the European Union). Since 2017 (after the French presidential elections), the subject of a common euro area budget appeared more visibly, yet, a decisive breakthrough in policies until the global Covid-19 pandemic broke the taboos. It shall be noted that an idea of redistribution of debt (a so-called transfer union) has been a sensitive topic for several members of the Union. In the summer of 2020, the Member States agreed on a joint loan, majority of which shall be disbursed to the Member States in a form of non-refundable support, the repayment of the Community loan being not linked to the share of the support. With this, the Union is being redistributing mutual debt.