If it is a simple transfer of national investment funding already "in the pipeline", there will be no gain, and we would even run the risk of losses, in the case of a bad selection. Beyond this “recovery” side, a “repair” side should address growing solvency issues. The recent French proposal for a recovery fund foresees the possibility of setting up an equity fund either to inject capital into key companies, especially for those operating in European strategic value chains, as identified by the Commission in November 2019. Beyond that, several economists – including Elena Carletti, Professor of Finance at Bocconi University – have proposed the promising avenue of a temporary “European Pandemic Equity Fund,” iii which could be managed by the EIB. This could take the form of hybrid capital instruments, with no voting rights but a significant remuneration of the public investment, and a predetermined termination option for the firm. In addition, the Recovery Fund could consider a specific tool to buy-back some assets from banks. b/ A clarification of fiscal rules. The counterpart of financial solidarity is the responsibility of Member States. The current SGP [Stability and Growth Pact]  Page 9 sur 10 rules – are at once too complex and not credible enough. Obviously, there is a need to maintain fiscal rules – let me stress it, at the risk of unpopularity – but for them to evolve towards greater clarity and better ownership and compliance by Member States.
Before Turner, landscapes were generally viewed as subjects unworthy in their own right; their role was merely to provide backdrop to the real action. Turner elevated the genre by showing how paint could not only convey the appearance of a place but also capture something of its spirit. Turner also used art to hold a mirror to the technological and social transformations happening around him. Masterpieces such as Rain, Steam and Speed – The Great Western Railway captured the advent of the steam age. The Slave Ship reflected on the moral preoccupations of his times. The artistic developments that Turner pioneered resonated well beyond his lifetime, providing inspiration to the Impressionists and leading Mark Rothko to joke “This man Turner, he learnt a lot from me”. A  contemporary reviewer may have put it best when he placed Turner among ‘the masters whose day is not so much of to-day, as of “all times”’.1 Indeed, Turner’s legacy endures today through his influence on art for over two centuries, to the prize that bears his name to celebrate British contemporary art, to this magnificent gallery, the Turner Contemporary. Soon Turner’s work will feature on another 2 billion works of art – the new £ notes from the Bank of England. 1  The Champion, Newspaper Article, published 7 May 1815. 2  All speeches are available online at www.bankofengland.co.uk/news/speeches  2  Banknote design The new £ note celebrates Turner, his art and his legacy in all their radiant, colourful glory.