Conclusion
摘要
This chapter concludes the book by situating the EU’s financial assistance regime as a central pillar of European integration in an era of recurring crises. It synthesises findings from the Euro crisis, the Covid-19 pandemic and the Russian invasion of Ukraine, showing how assistance evolved from peripheral balance-of-payments support to a core instrument of crisis governance. Financial assistance embodies the tensions of integration: solidarity and conditionality, intergovernmental coordination and supranational delegation, improvisation and institutionalisation. The chapter advances theoretical contributions by linking the regime’s evolution to historical institutionalism, highlighting processes of layering, conversion and displacement, and by reassessing integration theories in light of supranational borrowing and spending. It identifies key implications for legitimacy, sovereignty and resilience, while outlining avenues for future research on implementation, domestic politics, political economy, and democratic accountability. Ultimately, the chapter argues that financial assistance exemplifies how crises both expose vulnerabilities and drive the EU’s adaptation, resilience and deepening integration.