AN INSTITUTIONAL DESIGN OF THE EUROZONE FOR A GREEN NEW DEAL

Abstract

The crisis triggered by the pandemic has overlapped with the Green New Deal announced by the
Commission. If the recent financial crisis was an opportunity to reform the structural framework of the
eurozone, giving the European Central Bank the powers of a central bank, such as that of being the
"lender of last resort", perhaps this crisis can be used to make progress in the construction of a Union
Treasury. The approval of EU borrowing to meet the Next Generation EU Funds has raised many
expectations, but its temporary nature and the EU's logic do not invite such optimism. Other currency
areas with a truer understanding of the workings of a modern monetary system seem more prepared
for the changes that will need to be faced.