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Pedro Schwartz Girón 
The ‘Recovery Plan for Europe’ launched in 2021 is aimed at setting the EU economy back on its feet after COVID-19 and modernising a society left behind by technological transformation. It is also surreptitiously intended as another step towards making Europe more federal. The Plan consists of a €1.3 trillion seven-year budget paid for by old and new taxes and an €807 billion ‘Recovery and Resilience Facility’ financed by an issue of European Commission bonds. The total sum is no less than €2.02 trillion. Mutualising EU states’ debt is what Hamilton did for the nascent United States. This is an industrial policy plan with increased fiscal pressure and a careful avoidance of the free market. The reservations of Mises and Hayek regarding wholesale planning are gainsaid with a complicated to-and-fro mechanism to control waste and adapt to shocks. The resulting centralisation will be another element in the slow creation of a European state.
