Crisis response in the US and EU: debate on the two recovery plans

(Source: European Parliament)

On Monday, Budgets Committee will debate with US administration budget manager Young on the similarities and differences between the US and the EU recovery plans.

While resilience, innovation and decarbonisation are salient among the common objectives, there are structural differences between the EU and US political systems and responses to the crisis. MEPs in the Budgets Committee will address these issues as well as spending priorities and financing questions.

The exchange of views with Shalanda Young, acting Director of the Office of Management and Budget in the Biden Administration, follows the adoption of the USD 1.9 trillion American Rescue Plan Act by the US Congress, as well as additional initiatives by President Biden, including the American Jobs Plan, the Families Plan and the presentation of the 2022 budget.

The meeting starts at 16:45 on Monday, 31 May.

It can be followed live via webstream.

Background

Shalanda Young is currently serving as acting Director of the Office of Management and Budget (OMB), the largest office within the Executive Office of the President of the United States. She previously worked for the United States House Committee on Appropriations as its staff director.

The Own Resources Decision allowing for the EU recovery plan “NextGenerationEU” to be financed is now ratified by all 27 EU countries and the Commission can start borrowing from capital markets possibly already in June, in order to raise the funds needed to kick-start the recovery.

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