The Prague Post - Next Generation EU a scam?

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Next Generation EU a scam?




The Next Generation EU (NGEU) fund, an unprecedented European Union economic recovery package, was launched in 2020 to help member states recover from the economic and social impact of the COVID 19 pandemic. With a volume of €750 billion, divided into grants and loans, NGEU aims to make Europe greener, more digital and more resilient (European Commission, Recovery plan for Europe). However, the implementation and effectiveness of the programme have been met with controversy and criticism, leading some to call it the EU's ‘biggest scam’. This report analyses the reasons for this criticism, based on fraud cases, political tensions and economic doubts.

Fraud and misuse of funds
A key point of criticism is the high number of fraud cases affecting the programme. In April 2024, 22 people were arrested in Italy, Austria, Romania and Slovakia on charges of embezzling €600 million from the Italian National Recovery and Resilience Plan (NRRP), which is part of NGEU. The criminals used a network of accountants, service providers and notaries to fraudulently obtain non-repayable funds and transfer the money abroad.

Another case concerns the procurement of power generators for Ukraine, which was managed by the Polish government agency for strategic reserves (RARS). The European Anti-Fraud Office (OLAF) recommended the recovery of over €91 million due to serious irregularities, including inflated prices and a lack of competition (European Commission, OLAF completes investigation into suspected serious irregularities). These cases are not isolated: in 2022, OLAF recorded a 7% increase in fraud cases, with irregularities worth €1.77 billion. At the end of 2024, the European Public Prosecutor's Office (EPPO) was handling 311 active cases with an estimated €2.8 billion in damages to the EU budget, mostly related to NGEU (Balkan Insight, EU Fraud Keeps Rising as Prosecutors Investigate 38% More Cases in 2024).

Political controversies and delays
Besides the fraud cases, there were political tensions that delayed the implementation of NGEU. Poland and Hungary initially blocked the adoption of the fund due to concerns about the rule of law conditions. This led to delays in the disbursement of funds and political tensions within the EU (Wikipedia, Next Generation EU). Article 7 proceedings were opened against both countries, but their mutual support prevented sanctions, complicating the implementation of the fund (Wikipedia, Next Generation EU). These controversies show that NGEU was not only a technical financial instrument but also a political battleground, undermining confidence in the programme.

Scepticism from economists and political actors
Some economists and political actors express scepticism about the effectiveness and purpose of NGEU. A study from Comparative European Politics (2022) argues that the allocation of funds was based on existing economic and political vulnerabilities rather than the direct consequences of the pandemic. Countries with strong Euroscepticism and structural problems received the most funding per capita, regardless of the severity of the health crisis (Comparative European Politics, Voices from the past: economic and political vulnerabilities in the making of next generation EU). This could indicate that NGEU is more of a tool for stabilising weak economies, which some may see as a misuse of funds.

In Italy, the main recipient, there are doubts about the government's ability to use the funds efficiently. Although the government is celebrating the receipt of the fifth tranche of NGEU, the challenge remains of actually spending the funds and implementing the planned projects (Euractiv, Italy and the challenge of spending European funds). These difficulties underline the concern that NGEU may not deliver the promised results.



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Marhabaan, welcome to the UAE and Dubai!

Marhabaan, welcome to the UAE and Dubai! The "skyward striving" Dubai next to ancient desert cities. Mysterious Bedouins and magnificent mosques exist peacefully alongside futuristic cities. Discover wadis and oases, golden sandy deserts, paradisiacal beaches and Arabian hospitality. The modern and the ancient Orient united in a book for dreaming.On this journey to Dubai and Abu Dhabi in the United Arab Emirates, the fairy tales of 1001 Arabian Nights meet the modern Arab world. These cascading cities enchant with their sky-high skyscrapers, fragrant souks, huge shopping centres and the ancient cultural heritage of the sheikhs.You can choose to stay in 4- or 5-star hotels with breakfast and swimming pools. You also have more options to book excursions so you can feel the magic of the East even more. If you want to do something out of the ordinary, you can spend an extra night in an enchanting hotel in the middle of the emirate's desert. Experience your own fairytale from 1001 nights and look forward to a holiday with plenty of casual extravagance in two superlative desert cities!

Trade and business at the Dubai Gold Souk

If Naif Deira is associated with a specific context, organization, or field, providing more details could help me offer more relevant information. Keep in mind that privacy considerations and ethical guidelines limit the amount of information available about private individuals, especially those who are not public figures. The Dubai Gold Souk is one of the most famous gold markets in the world and is located in the heart of Dubai's commercial business district in Deira. It's a traditional market where you can find a wide variety of gold, silver, and precious stone jewelry. The Gold Souk is known for its extensive selection of jewelry, including rings, bracelets, necklaces, and earrings, often crafted with intricate designs.Variety: The Gold Souk offers a vast array of jewelry designs, with a focus on gold. You can find items ranging from traditional to modern styles.Competitive Pricing: The market is known for its competitive pricing, and bargaining is a common practice. Prices are typically based on the weight of the gold and the craftsmanship involved.Gold and More: While gold is the primary focus, the souk also offers other precious metals such as silver and platinum, as well as a selection of gemstones.Cultural Experience: Visiting the Gold Souk provides not only a shopping experience but also a glimpse into the traditional trading culture of Dubai. The vibrant market is a popular destination for both tourists and locals.Security: The market is generally safe, and there are numerous shops with security measures in place. However, as with any crowded area, it's advisable to take standard precautions regarding personal belongings.Gold Souk is just one part of the larger Deira Souk complex, which also includes the Spice Souk and the Textile Souk. It's a must-visit for those interested in jewelry, and it reflects the rich cultural and trading history of Dubai.

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