European Strategic Autonomy and the Biden Presidency
The urgency of tackling the public health crisis and its economic consequences spurred EU member states towards to deeper integration. The European Central Bank expanded its asset purchase programme, the Stability and Growth Pact was suspended and Next Generation EU, the 750 billion euro recovery fund agreed to by EU member states in July 2020, enabled EU institutions to reconcile economic recovery with a digitalisation and climate agenda.
Undoubtedly, the Biden Administration provides Europeans with a chance to relaunch the transatlantic partnership. Climate is another issue on which the Biden Administration is open to have a more intensive dialogue with Europe. The United States return to the Paris Agreement on climate change has both generated US support for ramping up climate finance and created an opening in Washington on the question of climate pricing.