For years, European common debt was misunderstood as a mechanism for mutualizing past liabilities. This debate is particularly relevant for countries such as Italy, whose high public debt has placed it at the center of discussions on fiscal sustainability and European solidarity. The pandemic altered this perception: as demonstrated by Next Generation EU (NGEU), common debt can function as a forwardlooking instrument, grounded in shared objectives, European governance, and conditionality, capable of producing public goods that no individual Member State can efficiently provide on its own (European Commission, 2023).
Download and read the full article:
