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So the idea keeps coming back that we could just put the Recovery Instrument outside the EU framework and into an intergovernmental treaty and hence fool 
. Terrible idea on many fronts - and also not necessary.
Thread:
. Terrible idea on many fronts - and also not necessary.Thread:
1/ There are a few substance points that make this a very bad idea. First, once we are in intergovernmental territory, we get into the same mess we have for the ESM. Every expenditure item would need unanimous approval - in 
also by the Bundestag. Every. Single. Item.
also by the Bundestag. Every. Single. Item.
2/ You can barely run programmes in a handful of small countries like this. The Bundestag budget committee once had to come back from summer recess for 25 million for Greece (yes, with an m). You definitely should not run a prototype for a common fiscal policy that way.
3/ Second, if you create an SPV to issue the debt, this debt statistically ends up on member states' books unless you create a full-blown international organisation, which really takes time. But issuing that as EU debt was kind of the point to begin with.
4/ On top of these two, you would also likely lose a lot of the other benefits of the current construction: EU safe asset, uncertainty over who pays back how much because the current plan is to finance it over the EU budget etc. Maybe you can tweak these, but wouldn't bank on it.
5/ But the much more important point is political: This is an EU project. It uses an EU competence and EU instruments. We should not, only months after Brexit, restart the game of creating structures outside the house because some want to please their domestic audience.
6/ The EU is a system where you get things you like in exchange for enduring things that you do not like as much. If want to go back on their agreement of July, then we should not build workarounds for the Recovery Instrument. Then we should talk about the structural funds.
want to go back on their agreement of July, then we should not build workarounds for the Recovery Instrument. Then we should talk about the structural funds.
7/ If this means a bit of standoff, so be it. For the Recovery Instrument, there is still ample time until next summer to ratify the Own-Resources Decision before funds will flow anyway. And Orban and Kaczynski are clearly not the only ones with leverage here.
8/ One additional point on leverage: Vetoing the ORD means also vetoing the massive new MFF rebates for a number of countries. Just to counter the idea that only RI beneficiaries have an interest in getting this fixed.
