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For anyone who cares about the European project, the fresh push by key EU member governments to establish a recovery fund is most welcome news, argue Roel Beetsma and George Koptis in VoxEU.

It is a welcome step away from the instincts most member states followed in protecting their national interests. Beetsma and Koptis find their main argument in favour of the recovery fund not in solidarity however, but in the principle of subsidiarity.