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      <image:caption>The group of five countries further contended that Southern members’ predicament is due to their procrastination in implementing necessary reforms. Hence, they fought for—and obtained—conditions that any EU disbursements to recipient countries would depend on reform plans and timetables approved and strictly monitored by the twenty-seven finance ministers. Chart source: European Commission</image:caption>
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      <image:caption>The €750 billion recovery plan will boost investment by roughly 1.35 percent of gross domestic product (GDP) annually over 2021-2024. It will be financed through borrowing on behalf of the EU, to be repaid over time until 2058 from appropriations within the EU budget. The recovery plan is a one-off decision to respond to the pandemic, as an add on to the 2021-2027 budget plan. It will not consolidate members’ outstanding debt stocks and is not a “Hamiltonian gamechanger.” But it does mark a significant step and may be a pilot exercise towards giving the EU a tangible countercyclical mechanism, making the EU’s institutional architecture more resilient by allowing it to respond to economic downturns on its own. Chart source: European Commission</image:caption>
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      <image:caption>Source: Piketty et al. (2016)</image:caption>
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      <image:caption>Source: Baker (2015).</image:caption>
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      <image:caption>The Progressive Policy Institute (PPI) in Washington, DC and The Lisbon Council from Brussels | Growing the Transatlantic Digital Economy</image:caption>
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