The European Union at the Test of Economic Crisis: How Has the EU Budget 2021–2027 Adapted?

The European Union (EU) has been dealing with a series of economic crises for almost 15 years now (the subprime mortgage crisis in 2008, the sovereign debt crisis in the 2010s, and the COVID-19 crisis since 2020). European institutions needed to react, while having to balance EU budget constraints with the need to act rapidly and effectively at the EU level. In this chapter, we will look at the EU budget for the 2021–2027 period and its adaption to such volatile economic environment. Our analysis focuses on the different public intervention instruments of the EU for the 2021–2027 period and their funding mechanisms.