The last 75 years of freedom, peace and prosperity in Western Europe are largely due to the decision of the United States to pay for the post-war reconstruction of the continent.. The Marshall Plan, named after the US Secretary of State, offered financial support to alleviate the capital and liquidity shortages that were preventing Europe from developing on its own.. The continent today is able to do the same for Ukraine.

No need to wait for the establishment of peace in the country. Recovery needs to be prepared now, writes the Financial Times. The Center for Economic Policy Research published an excellent guide to doing this last week.. The main achievement of the Marshall Plan was that it prepared its recipients for greater prosperity than it was before World War II.. The authors of the new plan, including important economists from Ukraine, Russia and Western countries, argue that today the goal should be the same.

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To achieve such modernization, it is necessary to adhere to six principles. First, we need to prepare Ukraine for EU accession. Secondly, funds allocated for reconstruction and planning should be managed by a new EU-sponsored body.. Third, significant control should remain in Ukrainian hands.. Fourth, the influx of foreign capital and technology should be encouraged. The fifth principle is to give grants rather than loans. And the sixth - it is worth building “better than it was”, that is, the reconstruction should create a new economy without emissions harmful to the environment.

The physical recovery of everything that Vladimir Putin destroyed will have to wait until the end of the war. But other aspects of the reconstruction of Ukraine do not need to be postponed.. You can attract investors, negotiate with suppliers and sign the necessary agreements. Urgent assistance should also be provided to millions of Ukrainians who have moved to regions away from the war.. With the right support, a displaced business can continue to operate. All this can be a test of best practices that can then be applied on a large scale..

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The first principle is the key. We must use reconstruction to make Ukraine ready to join the EU. From now on, the infrastructure should “weave Ukraine into the common European market”. For example, it is possible to build or restore railway tracks according to EU standards. On March 16, when the war was already underway, Kyiv was able to successfully connect its power grid with the European. And this is another example of Ukrainian-European success that has gone unnoticed..

Reconstruction should also renew Ukrainian institutions. Switching to EU rules could help 'break with the Soviet past'. Institutional renewal based on European practices and rules will “shoot two birds with one stone”: prepare Ukraine for EU membership and solve old challenges in public administration. This will also benefit the economy.. The prospect of investment disputes being resolved within the EU legal framework will attract capital.

The Ukraine recovery plan also calls for the construction of a fully green transport infrastructure.. Houses need to be rebuilt to the highest energy efficiency standards. And the devastated cities in the country should be rebuilt for a zero-emission economy.. The publication writes that the authors of the plan are not ambitious enough. In some areas, Ukraine can surpass the EU. Reconstruction capital inflows can be managed through equity-targeted financial markets to avoid unnecessary dependence on banks. The plan rightly promotes open refurbishment contracts. Similar transparency is also required in property and tax registers (as in the Nordic countries).

According to preliminary estimates, the restoration of Ukraine will cost 200-500 billion euros. The Financial Times writes that this figure most likely underestimates the real costs.. But the EU, which should take on most of this amount, should not see it as an expense.. Companies from participating countries will receive contracts for the construction of infrastructure, housing stock, transport systems and much more. But they should also share their skills and technologies with the Ukrainians. In addition, it is an investment in European values \u200b\u200band the security of the continent.. About 44 million people will firmly enter the space of liberal democracy and social market economy. This will be a historic achievement for the unification of the continent after the Cold War.

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Secretary of State George Marshall, in a 1947 speech, stated that his aim was to " Washington's tacit goal was to protect European countries from the imperialist dictator in the Kremlin.. The Marshall Plan requirement to remove economic barriers led to the formation of what is now the EU. Today, all these achievements are at stake. Therefore, it is time for the EU to repay its long-standing debt.

Earlier, the Wall Street Journal wrote that one should beware of a fake peace in Ukraine. Vladimir Putin is likely to offer terms that at first glance appear to be concessions, but are calculated to hinder Ukraine's development and threaten security even beyond its borders..