The new Stability and Growth Pact and the next European Fiscal Union will be triggered by the twin Green and Digital Transformation.

The new Stability and Growth Pact and the next European Fiscal Union will be triggered by the twin Green and Digital Transformation. Simpler rules and strategic vision are key priorities for Europe towards a common fiscal framework and an European Digital Single Market.

Table of Contents

1. The Next European Plan: A Recovery and Resilience Facility?for Energy Transition.

2. The twin Green and Digital Transformation is a key priority and a common pathway to create the next Stability and Growth Pact and the future Fiscal Union.

2.1?The Green Transition: The European Green Deal.

2.2 Make Tax Digital.

2.2.1 The Future of Finance - eIDAS: The Future of Digital Identity in Europe.

2.2.2?The European Digital Single Market.

3. The European Energy Plan (Re Power Eu) and the European Fiscal Union.

Abstract.?

A reformed fiscal framework should help to deliver on the core objective of reinforcing fiscal sustainability in a more effective and efficient manner. In a context of higher debt levels, Member States should credibly commit to build fiscal buffers to be ready for the next shock through country-specific consolidation strategies that are realistic, gradual but ambitious, as well as compatible with economic growth and job creation. Achieving those goals requires continued economic reforms, high quality public investments, and an improved composition of public finances to ensure that debt reduction is not just dependent on budgetary consolidation. For example the NGEU (Next Generation EU) will mark a transformative change for the EU and it can be considered as the new plan for new a Renaissance. The amount of resources deployed to boost growth, investment and reforms amounts to € 750 billion, of which more than half, € 390 billion, are grants. The strategic directives of the plan are, among others, the twin Green and Digital Transformation which is a key priority for Europe. The new sustainable finance strategy sets out several initiatives to tackle climate change and other environmental challenges while increasing investments — and the inclusion of?SMEs — in the EU’s transition toward a sustainable economy. Tax systems can play a key role in achieving the global goals and inclusive circular economies especially in the case of an European Fiscal Union based on simpler and unified rules but most importantly common goals and strategies. Such a shift in taxation would promote and reward a circular economy with its local low-carbon and low-resource solutions in accordance with the next European taxonomy. To realise this green potential, digital technologies need investment and legislation that encourages them to flourish. Europe therefore needs to step up its digitalisation efforts – such as boosting connectivity and increasing funding for research and development. For this to happen, Europe must look at digital and climate action together, rather than separate policy areas.

Phasing out our dependence on fossil fuels from Russia can be done well before 2030. To do so, the Commission proposes to develop a “REPowerEU” plan that will increase the resilience of the EU-wide energy system based on two pillars:

i.?Diversifying gas supplies, via higher Liquefied Natural Gas (LNG) and pipeline imports from non-Russian suppliers, and larger volumes of biomethane and renewable hydrogen production and imports; and,

ii.?reducing faster the use of fossil fuels in our homes, buildings, industry, and power system, by boosting energy efficiency, increasing renewables and electrification, and addressing infrastructure bottlenecks.

Last but not least the next and highly revised “Stability and Growth Pact” needs therefore to reflect not only the dramatic effect of the pandemic event and the strong dependency from the Russian gas but also and most importantly the direction European Union and primarily the European Union Market wants to have for the next decades.

1.?The Next European Plan: A Recovery and Resilience Facility?for Energy Transition.?

The NGEU (Next Generation EU) marks a transformative change for the EU and can be considered as the plan for a new Renaissance for Europe. The amount of resources deployed to boost growth, investment and reforms amounts to € 750 billion, of which more than half, € 390 billion, are grants. The NGEU program includes two main instruments to support member states. The REACT-EU is designed with a shorter-term perspective (2021-2022) to help them in the initial phase of revitalizing their economies. The RRF (Recovery and Resilience Facility), on the other hand, has a six-year duration, from 2021 to 2026. Its total size is € 672.5 billion. In particular, the RRF Regulation sets six main areas of intervention (pillars) on which the National RRPs should focus on:

a)?Green Transition;

b)?Digital transformation;

c)?Smart, sustainable and inclusive growth including economic cohesion, jobs, productivity, competitiveness, research, development and innovation and a well-functioning internal market with strong SMEs;

d)?Social and territorial cohesion;

e)?Health and economic, social and institutional resilience, with the aim of, inter alia, increasing crisis preparedness and crisis response capacity; and

f)?Policies for the next generation, children and youth such as education and skills.

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The twin Green and Digital Transformation is a key priority for Europe!?To realise this green potential, digital technologies need investment and legislation that encourages them to flourish. Europe therefore needs to step up its digitalisation efforts – such as boosting connectivity and increasing funding for research and development. For this to happen, Europe must look at digital and climate action together, rather than separate policy areas. The Next Generation EU, evoking the ambition to lay the foundations for the Europe of the next generation, supported by?DIGITALEUROPE, whose vision is for Europe to embrace digital in climate action, to bring benefits in the to society at large and to continue its global leadership by collaborating with our international partners.

The European Commission encourages member states to include in their investment plans a series of projects, the implementation of which must be evaluated on the basis of the relevance they can assume in the domestic economy, the total sums of the fund allocated to the individual state and the potential impact on job growth.

Specifically, the projects indicated by the Commission are as follows:

a.?power up: introduce future-proof clean technologies and accelerate development through the use of renewable energy;

b.?renovate: improve the energy efficiency of public and private buildings;

c.?recharge and refuel: promote future-proof clean technologies to accelerate the use of public transport, charging stations and sustainable refueling;

d.?connect: foster the rapid rollout of fast broadband services across regions and households, including fiber and 5G networks;

e.?modernise: digitize government and services, including the justice and health systems;

f.?scale-up: increase the capabilities of the European industrial data cloud and the development of the most powerful, cutting-edge and sustainable processors;

g.?reskill and upskill: adapt educational systems to support digital skills and educational and vocational training for all ages.

In the years ahead, the implementation of a?“Recovery and Resilience Facility?for Energy Transition”?will also be crucial to give a big impetus to important investments and reforms.?The?European Union has, so far, responded forcefully to the economic crisis brought about by the pandemic event and the war in Ukraine. The role of the European Central Bank has been crucial in buying public debt bonds and also exceptional national fiscal stimulus measures?have been complemented by unprecedented action at the EU level,?in order to provide an important support to the vulnerable member states, opening up a broaden space for some incoming fiscal reforms on a more union basis instead of individual measures.

2. The twin Green and Digital Transformation is a key priority and a common pathway to create the next Stability and Growth Pact and the future Fiscal Union.

2.1?The Green Transition: The European Green Deal.

The European Commission has adopted a number of measures to increase sustainable finance. First, the new sustainable finance strategy sets out several initiatives to tackle climate change and other environmental challenges while increasing investment?and the inclusion of SMEs — in the EU’s transition toward a sustainable economy. According to the European Environmental Agency, the circular economy is a relevant part of the green economy that more widely addresses human welfare, lifestyles, and consumption models. The circular economy tries to build extensive and inclusive well being with natural capital, ecosystem resilience, and ecosystem services preservation. A circular economy is an industrial model that is intentionally regenerative. Products are designed to facilitate reuse, disassembly, restoration, and recycling to encourage the reuse of materials.

Businesses keep resources in use as long as possible to obtain the maximum value, and then recover and regenerate products and materials at the end of their service lives.

Eco-design?is a key element of the circular economy. New engineering (or re engineering) of production processes, goods, services, and value chains according to the eco-design criteria includes: a) boosting resource and energy efficiency; b) eliminating toxic and dangerous chemicals; c) reducing environmental impacts in production, consumption, and end-of-life management; d) increasing products’ reuse, regeneration, and material recycling; and e)?preventing waste production and disposal. To meet the EU’s 2030 climate and energy targets and achieve the objectives of the European Green Deal, redirecting investments toward sustainable projects is crucial. The COVID-19 pandemic has reinforced the need to redirect capital flows to sustainable projects to make economies, businesses, societies, and health systems more resilient in the face of climate and environmental shocks.

The EU taxonomy classifies and establishes a list of environmentally sustainable economic activities. It is an important tool for?increasing sustainable investments and implementing the European Green Deal. The European Commission approved in principle a Complementary Climate Delegated Act including, under strict conditions, specific nuclear and gas energy activities in the list of economic activities covered by the EU Taxonomy. Now European Parliament and European Council have up to 6 months to further approve it or decline it (veto). The criteria for the specific gas and nuclear activities are in line with EU climate and environmental objectives and will help accelerating the shift from solid or liquid fossil fuels, including coal, towards a climate-neutral future. The use of nuclear energy and or gas as sustainable resources will be on a discretional basis of the Member States.

In particular, by providing its list to companies, investors, and policymakers, the taxonomy can create certainty for investors, protect private investors from greenwashing, help companies plan for transition, mitigate market fragmentation, and ultimately help shift investments to where they are most needed. The EU taxonomy uses the “ESG method” which assesses and monitors a company’s long term strategic position, operational management, and actual behaviour in the areas of society, the environment, and markets. The European carbon tax is expected to come into force in 2026. It will apply to the cement, steel, aluminium, fertilizer, and energy production sectors. Key elements of the tax include the following: 1) At the border, EU importers of goods covered by the carbon tax will register with national authorities and will be able to purchase carbon border adjustment mechanism certificates. The price of the certificates will be calculated on the basis of the weekly average price of the EU emissions trading system allowance auction expressed in euros per ton of carbon dioxide emitted; 2)By May 31 of each year, the EU importer will be required to declare the quantity of goods and the emissions incorporated in the goods imported into the EU during the previous year; 3)At the same time, the importer will deliver?at the border the same number of carbon tax certificates as the amount of greenhouse gas emissions embedded in the products; 4) If importers can prove, on the basis of information verified by third-country producers, that a carbon price has already been paid during the production of the imported goods, the corresponding amount may be deducted from the final invoice.

Tax systems play a key role in achieving the global goals and inclusive circular economies. Such a shift in taxation would promote and reward a circular economy with its local low-carbon and low resource solutions. To get businesses on board with the environmental initiatives that government want to encourage, countries should consider the following measures:

1. Changes in depreciation methods: the development of second-hand markets for products increases their value and prevents them from being depreciated to zero. It also brings up the question of when in the life-cycle a reusable resource should be taxed;

2. Changing the VAT system to influence behaviour: lower VAT on labour-intensive services incentivises repairs and reduces waste; and

3. Increasing the tax on emissions and technical material consumption: such a higher tax reduces the consumption of non-renewable resources.

2.2 Make Tax Digital.?

One of the most relevant aspects of this "extraordinary" emergency period is the importance of digital transformation. There's no going back. The digital world is constantly evolving, and it's up to us to change with it. We need to get used to physical distancing without losing social connection. It is time to facilitate the so-called “digital transformation". The opportunity is there to make a leaner, faster, more effective and efficient physical infrastructures not only through digital ones but also through new communication paths that can make the administrative machine less physical but more present for the citizen. The future implementation of new technologies will lead us towards a simpler, more linear and sustainable world, enabling people to live their lives in a different, paradoxically more inclusive way, and minimize the anguish of bureaucratic and regulatory practices, in a more or less revolutionary way.

Some examples of the use of the digital platform are listed as follows:

1. Certification and notarization of administrative processes and document management processes to ensure transparency and traceability towards citizens and the main stakeholders;

2. Creation of NFT′s to ensure the uniqueness of documents, physical and digital assets; for example, it could be used to manage the uniqueness of a patent or to protect any type of digital content with benefits for both the PA and citizens;

3. Creation of digital ecosystem via eIDAS - The Regulation (EU) N°910/2014 on electronic identification and trust services for electronic transactions in the internal market (eIDAS Regulation) adopted on 23 July 2014 provides a predictable regulatory environment to enable secure and seamless electronic interactions between businesses, citizens and public authorities. Business models based on token economy capable of encouraging virtuous behaviour of users / citizens through the management of token rewards.

The P.A. (Public Administration) tokens can give the right to services and services that can be provided interoperably by the various PAs that adhere to the EBSI network. However, for taxation of the digital economy to work, the introduction of a digital approach to tax is necessary. This calls for more unified actions to address the fragmented, uncoordinated taxation systems in various jurisdictions and respond to the actions that companies may take to reduce their tax base and transfer profits to countries with lower taxation.

Businesses run on information. The faster it’s received and the more accurate it is,?the better.?Blockchain is an ideal information tool because it?provides immediate, shared, and completely transparent information stored on an immutable ledger. A Blockchain?network can track orders, payments, accounts, production processes, and much more. Blockchain, a form of distributed ledger technology (DLT), has the potential to transform tax and financial interactions between taxpayers and tax administrations by simplifying complex processes, ensuring faster execution of transactions, improving transparency, creating auditable operations, and lowering costs after the?initial implementation phase. The creation of a digital single market can empower all relevant parties thanks to the implementation of a large-scale, innovative, and ground-breaking system that offers benefits in the form of fairer taxation, efficient reporting tools, transparent and streamlined information, and the capacity for precise calculation of taxes. The digital single market can be established on a blockchain-based network — specifically, a DLT, in which all the stakeholders, including revenue agencies, customs, peripheral tax offices, and other agencies, will have defined roles. Each entity will function in line with its respective field of responsibilities — for example, by giving consensus (that is, by effectively checking and monitoring the streamlined information in the Digital Value Chain) in matters of indirect and direct taxation. Key issues include the identification and definition of the market, the access and exit points on the value chain, and the target data needed for tax purposes. Tax or other competent authorities thus receive necessary data, which is transmitted by counterparties via the blockchain. AI-run mechanisms can help collect relevant information to issue tax returns or similar acts and can eventually establish a profile of the taxpayers. Because of the resulting decentralization, the digital transformation of the public authorities may alleviate most of the tax and administrative task burdens for external stakeholders, including companies. In addition to being cost effective and time saving, the digital chain will bring transparency to the entire tax process while granting its users autonomy and security. For example, the use of blockchain for issuing digital invoices allows value-embedded assets to be sent across multiple network participants, ensuring that all parties receive the same information at the same time. Everything is recorded on the distributed and decentralized ledger, which increases trust and transparency between counterparts.

2.2.1 The Future of Finance - eIDAS: The Future of Digital Identity in Europe.?

“eIDAS” stands for?“electronic identification and trust services”. It refers to a range of services that include verifying the identity of individuals and businesses online and verifying the authenticity of electronic documents.?The eIDAS Regulation is

Regulation (EU) 910/2014?on electronic identification and trust services for electronic transactions in the internal market (The Eu Digital Single Market?illustrated in the following paragraph). Under eIDAS, citizens and businesses can use their native eIDS when accessing public services within other EU Member States that use eIDS. This regulation defines the conditions in which the Member States will recognize electronic identification from users. Additionally, this regulation implements standards for electronic signatures, time stamps, electronic seals, and other proof of authentication, including electronic certification and registered delivery services that give those electronic transactions the same legal status as if they were conducted on paper. The eIDAS opens up to the development of the Future of Finance: Decentralized Finance or DeFi.

Decentralized Finance (DeFi) or “open finance”, based on principles of decentralization and mutualisation which leads to community peer to peer transactions, is the automation of the financial industry sector based on exponential blockchain technologies, removing counterparties and shifting risk to technology.?The DeFi community is based on blockchain (digital ledger) focusing on principles of data integrity, digital identity, community consensus, mutuality, democratization, trust in data sharing and an immutable single version of the truth. Many applications or protocols exist and interoperability between them is paramount for mainstream adoption to increase demand in value of interchange of digital assets known as the “INTERNET of VALUE” (IOV) which is in simple terms an online space where people can instantly transfer value between each other, eliminating the need for the middlemen and most costs. Investment markets are being digitized using Automatic Market Maker (AMM) software, which allow digital assets to be traded without permission and automatically by using liquidity pools instead of a traditional market of buyers and sellers, using cryptocurrency and automation of banking functions using Digital Exchanges (DEX). In parallel Central Bank Digital Currencies (CBDCs) are being created by governments. DeFi and CBDCs are DeFining the “Future of Money” bringing more market trust and transparency. Whether you are customer, provider or regulator the holy grail quest is the same namely asset classes with a higher rate of return and search for more yield within a proper risk framework. DeFi, which includes the Non Fungible Tokens (NFT) boom, is a source of these new asset classes. Non-fungible tokens (NFTs) are best understood as computer files the main purpose of which is proof of ownership and authenticity. They display unique characteristics that make them one of the latest hypes in the Blockchain sphere, with their influence extending into the entertainment (music and movies), luxury and sports industries. Unlike cryptocurrency, NFTs are non-fungible, i.e., one NFT is not worth the same as another NFT. As such, they cannot be exchanged for one another (by contrast, Bitcoin is fungible). Each NFT has a unique valuation, which accrues based on the media attached to it (such as images, videos or GIFs), as well as the law of supply and demand. Using a process known as yield farming, investors and lenders lock up cryptocurrency tokens in exchange for trading fees to get higher returns at higher risk. Volatility and market fluctuations in cryptocurrencies are barriers to entry. Stablecoins (future CBDC - Digital Euro), which are cryptocurrencies pegged to fiat currency or other physical assets, address this volatility issue and also form the basis of the development of CBDCs, which could be on a collision course with DeFi in some jurisdictions rather than being complimentary. Whatever the future, from cryptocurrency, lending and borrowing, prediction markets, payments, insurance and NFT marketplaces, the DeFi landscape now represents an expansive network of protocols, IP and financial instruments worth at least $100 billion USD.

DeFi relates to a shift from centralized financial systems to peer-to-peer finance and fuelled by the pandemic digitisation acceleration. The functions of DEX, AMM, lending/borrowing platforms and Stablecoins, need to be understood in the context of yield generation within the realm of risk management. Custody of tokens moves to personal wallets and security to smart contract technology with less need for repetitive Know Your Customer (KYC) as everything is fully audited on the blockchain. Features shared by protocols are open source, transparency, interoperable and composable (programmable by plug points), and permissionless. So open and accessible to all on a public blockchain for audit/verification and non-custodial, which means users control of their wallets and also their own liability. All transactions are visible via blockchain explorer applications so reconciliation and clearing can be done in real time. Interest is calculated, paid and compounded continuously. As new markets are made and digital assets created there has to be liquidity where yield can be farmed. Depositors who invest crypto assets into the pool automatically receive a liquidity provider token (LP) indicating their share of the pool.

2.2.2?The European Digital Single Market.?

Our monetary system is based on the complementarity of private money with public money, which is available for retail payments in the form of banknotes. Confidence in private means of payment is determined by our ability to convert private money into safe public money. This is because central bank money is a risk-free form of money that is guaranteed by the State: by its strength, its credibility, its authority. Other types of money are liabilities of private issuers: their value is based on the soundness of the issuer and is underpinned by the promise of one-to-one convertibility with central bank money. Our readiness to hold private money such as bank deposits reflects the confidence that we can always go to a branch or a cash machine and convert our deposits into cash. The fact that we can do this tells us that our deposits are safe. It reassures us that we will be able to convert them into risk-free central bank money in the future, too.

In the digital age, however, banknotes could lose their role as a reference value in payments, undermining the integrity of the monetary system. Central banks must therefore consider how to ensure that their money can remain a payments anchor in a digital world. The most considerable application of blockchain, in the form of a distributed ledger technology (DLT), has the potential to transform well-established financial institutions and bring lower costs, faster execution of transactions, improved transparency, auditability of operations, and other benefits. Particularly relevant will be the disruption of payments for banks, as well as for customers, by reducing the cost and time taken to transfer money. Blockchain is set to impact the world’s financial sector. The technology is ready to allow faster and more cost-effective processing of financial transactions. This is done through a decentralized, distributed ledger that grants its users with autonomy, and security.

Governments, financial services companies, and fintech startups form an ecosystem. All the participants of this ecosystem face different challenges and opportunities which allow for a more dynamic and complex landscape along with its continuous evolution. In addition, the financial service industry is moving from the exploration phase to the application phase. It is therefore very important for the financial institutions and the experts to understand the role of the disruptive technologies in order to take advantage of this financial revolution.

The application of blockchain, in the form of a distributed ledger technology (DLT), has the potential to transform well-established financial institutions and tax administrations by simplifying complex processes such as annual tax returns, VAT/GST, immovable property sales taxes, including the introduction of a Digital Euro (in the form of a stablecoin), ensuring faster execution of transactions, improved transparency, auditability of operations, and possibly lowering costs (after a first implementation phase). It is therefore high time for the EU to create the conditions for a “ EU?Digital Single Market”, as a corollary, with “decentralized” responsibilities. The “ EU Digital Single Market” can be established on a blockchain-based network, a public “permissioned” distributed ledger, in which all the stakeholders, in particular Revenue Agencies, Customs, peripheral tax offices and agencies or similar ones will have a defined role. Each entity will function according to their respective fields of responsibilities, for example by giving consensus, in other words by effectively checking and monitoring the information streamline throughout the “Digital Value Chain”. The digital chain of events will bring transparency to the whole process while granting its users autonomy and security. That is in addition to cost-effectiveness and time saving.

3. The European Energy Plan (Re Power Eu) and the European Fiscal Union.?

The new framework should take into account the sizeable investments effort needed to honour?our ambitious commitments, particularly for the green and digital transitions. The green transition will also be crucial to reduce EU’s dependency on Russian fossil fuels. This is a shared challenge that requires a decisive common response. Reforms that improve the business environment and setting the right incentives will be crucial to promote a stronger investment effort from the private sector. At the same time, it is important to recognize that substantial EU and nationally-financed public investment will be indispensable to crowd-in private investments in strategic areas where externalities can arise and to ensure a steady and fair twin transition.

For example?“renewable energy communities (RES communities)”?are a growing and extraordinarily multifaceted phenomenon which involves a range of possible activities around renewable energy (notably, production, supply, distribution, sharing and consumption) collectively carried out by citizens, often in partnership with small and medium enterprises and local public authorities. The Clean Energy Package (CEP) is expected to represent a turning point for the development and diffusion of RES communities in Europe, as for the first time both their very existence and their potential role in the energy transition receive legal recognition at the EU level. By 2021, all Member States will have to transpose the CEP’s Directives into national legislation, thus including the definition of an enabling framework that promotes RES communities. However, substantial room for manoeuvre is left to Member States in accomplishing the task.

In this direction a?renewed fiscal framework would be more effective if complemented with spending reviews and better public investment management systems that also contribute to increase high quality public?investments.?The REPowerEU Plan?can respond to this ambition, through energy savings, diversification of energy supplies, and accelerated roll-out of renewable energy to replace fossil fuels in homes, industry and power generation.?The Recovery and Resilience Facility (RRF) is at the heart of the REPowerEU Plan, supporting coordinated planning and financing of cross-border and national infrastructure as well as energy projects and reforms.

Following the Next Generation EU (NGEU) and the potential “Recovery and Resilience Facility for Energy Transition”, and its fundamental areas of intervention, are ment to change the way the Union was funded and most likely the way Europe is heading. The creation of a new level of public debt, an European debt, will certainly bring the European executive body to introduce not only new taxes on an Union basis such as:

a)?A plastics tax, which is the only new revenue source under the seven-year budget that has received general support from countries. Also known as a carbon tax, it will finance the transition to renewable energy projects, especially wind and solar and will kick-start a clean hydrogen economy in Europe; and

b)?A common digital tax?on companies with global turnover above EUR 750 million.

Including a massive European green bonds issue which will therefore be a crucial part of low-carbon transition in order to finance?a common energy plan given their typically long duration and typical repayment structures (amortisation schedule), which are well suited to large infrastructure projects.

From the above indicated measures a need for a fiscal Union emerges for two main reasons: a) the way joint borrowings will be collected; and b) the subsequent transfer to the member states which are going to be allocated based on targets and milestones achieved through each member states recovery plan.

The next and highly revised “Stability and Growth Pact” needs therefore to reflect not only the dramatic effect of the pandemic event and the strong dependency from the Russian gas but also and most importantly the direction European Union and primarily the European Union Market wants to have for the next decades. The way the “Next Generation EU” has been built, the mutualisation of the sovereign debt caused by the pandemic event, and most importantly its fundamental directives such as an European Green New Deal which will, in its ambitious targets, will lead to a “net zero” emissions in 2050 and the Digital Transformation which will disrupt some of the traditional business models and surely bring new dynamics in terms of digital infrastructures and different approaches to traditional finance. The creation of a digital single market can empower all relevant parties thanks to the implementation of a large-scale, innovative, and ground-breaking system that offers benefits in the form of fairer taxation, efficient reporting tools, transparent and streamlined information, and the capacity for precise calculation of taxes. The Eu digital single market can be established on a blockchain-based network — specifically, a Digital Ledger Technology - DLT in which all the stakeholders, including revenue agencies, customs, peripheral tax offices, and other agencies, will have defined roles. Challenges of this magnitude must be faced with unity and cohesion, as Europe has shown it can do in this historic agreement, highlighting the ability of member states to overcome the clashes to build a common space for the benefit of all. And it is for this reason that the common and unitary response provided with the NGEU historic agreement takes on an even more imposing significance. The negotiation, sometimes even tight, which led to a historic result must suggest a stratified phase of change with reference to European fundings such as?a potential “Recovery and Resilience Facility for Energy Transition” and a new and more ambitious “Stability and Growth Pact” which will lead Europe to a common and more strategic future fiscal Union. Member states, with their actions today and tomorrow will increasingly influence not only the common destiny which is also unitary, but above all a new European way of thinking characterized by a political of comparison and growth in fact. It is time for a unified culture and a unified fiscal policy aimed at creating an authentic common home once and for all.