The Politics of Financial Assistance in Times Crisis: Rescuing Europe

Each of these shocks generated wide-ranging economic and political repercussions that demanded rapid and often unprecedented EU financial assistance to support member states and partner countries. This book traces the evolution of financial assistance in the European Union from the outbreak of the sovereign debt crisis in 2009 to the Covid-19 pandemic in 2020 and the Russian invasion of Ukraine in 2022. Each of these shocks generated wide-ranging economic and political repercussions that demanded rapid and often unprecedented EU financial assistance to support member states and partner countries. The book examines how EU institutions and national governments shaped the development of emergency financial instruments across these three crises. It follows the establishment and governance of key borrowing mechanisms – from the European Stability Mechanism to the Recovery and Resilience Facility, the Security Action for Europe, and the Ukraine Facility – to show how earlier experiences informed subsequent reforms. The analysis highlights an apparent shift in the governance of EU financial assistance, from a model centred on intergovernmental coordination to one increasingly marked by supranational delegation. The book will appeal to all those interested in European studies, public policy, political economy and public administration.