The Pandemic Recovery Revolution

The RRF proved joint EU debt financing works politically, but its performance conditionality and additionality were weaker than advertised.

• Final disbursements underway: EU paid out roughly €360bn in grants and €213bn in loans under NGEU/RRF, less than the original ~€800bn envelope, with final payments due by end-2025.
• Not true performance-based budgeting: Darvas says RRF milestones were mostly procedural or quantitative targets (passing a law, building 5km of road) rather than measurable outcomes, a flaw flagged by the European Court of Auditors.

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