NOT SINCE the great flood of 1966 has Florence known such disruption.(自1966年大洪水以来，佛罗伦萨从未经历过如此大的干扰。) A tramway extension has turned the road fringing(环绕，作为边缘) the city centre into a construction site. Costing €500m ($576m), it is the city’s biggest project financed by NextGenerationEU, the European Union’s post-covid recovery programme. The scheme is paying for 55 other projects in the Tuscan capital, from crèches to cycle paths. Sara Funaro, the mayor, calls it “a momentous juncture(重大关头，关键时刻) in the history of Florence”.
自1966年大洪水以来，佛罗伦萨从未经历过如此大的干扰。一条有轨电车延长线将市中心边缘的道路变成了建筑工地。该项目耗资5亿欧元（合5.76亿美元），是欧盟疫情后复苏计划“下一代欧盟”资助的该市最大项目。该计划还为托斯卡纳首府的另外55个项目买单，从托儿所到自行车道。市长萨拉·富纳罗称之为“佛罗伦萨历史上的一个重大时刻”。
Across the Mediterranean, Madrid’s wholesale market is abuzz(热闹的，嘈杂的) at 5am. It includes one of the world’s biggest fish markets. With a grant(拨款，补助金) of €400,000 in NextGenerationEU funds, the fishmongers’ association has set up(建立，设立) a digital payment-and-order system, replacing handwritten orders and long queues at the bank. “It’s saved us a huge amount of time,” says Christian Cobo, as he prepares to sell tuna from huge carcasses(（动物的）尸体).
在地中海对岸，马德里的批发市场凌晨5点就热闹非凡。这里拥有世界上最大的鱼类市场之一。凭借“下一代欧盟”基金提供的40万欧元拨款，鱼贩协会建立了一个数字支付和订购系统，取代了手写订单和在银行排长队。“这为我们节省了大量时间，”克里斯蒂安·科博一边准备出售巨大金枪鱼尸体上的肉，一边说道。
At NextGenerationEU’s heart is its Recovery and Resilience Facility (RRF), created during the pandemic in 2020, which has approved €577bn in grants and loans.(“下一代欧盟”的核心是其复苏与韧性基金，该基金于2020年疫情期间设立，已批准5770亿欧元的赠款和贷款。) The EU had never spent so much, so fast. Most important, it was funded by joint bonds; advocates of a stronger EU termed it a “Hamiltonian moment(汉密尔顿时刻，指通过联邦承担债务来加强中央集权的历史性决策。)”, citing the decision by America’s first treasury secretary to empower(授权，增强权力) the federal government by assuming the states’ debts. It aimed to speed recovery from the pandemic slump, especially in the poorer south, and to make the continent greener and more digital. Disbursements were supposed to be linked to reforms to make economies more efficient. The last payments are due by the end of 2026. Has it worked?
“下一代欧盟”的核心是其复苏与韧性基金（RRF），该基金于2020年疫情期间设立，已批准5770亿欧元的赠款和贷款。欧盟从未如此迅速、如此大规模地支出。最重要的是，它由联合债券提供资金；主张加强欧盟的人称之为“汉密尔顿时刻”，引用了美国首任财政部长通过承担各州债务来增强联邦政府权力的决定。该基金旨在加速从疫情衰退中复苏，尤其是在较贫穷的南部，并使欧洲大陆更加绿色和数字化。拨款本应与提高经济效率的改革挂钩。最后一笔款项将于2026年底到期。它奏效了吗？
Mañana, maybe?
也许明天？