The European Commission has put forward on 27 May its proposal for a major recovery plan. The proposal creates a new recovery instrument, Next Generation EU, financed by borrowing €750 billion on the financial markets using the strong credit rating of the European Union. To accommodate the new funding, the own resources ceiling will be temporarily raised to 2.00% of EU Gross National Income. The additional funding will be channelled through EU programmes and repaid over a long period of time throughout future EU budgets – not before 2028 and not after 2058.
The Director General of DG Budget, Mr Gert Jan Koopman, has agreed to personally explain in this webinar, hosted by CEPS, how the European Commission is proposing to operationalise the proposals made.