The European Commission is proposing using its “very strong” credit rating to borrow €750 billion on the financial markets for its EU Covid recovery fund which it’s calling Next Generation EU.
Ursula von der Leyen told the European Parliament today that the money will be invested across 3 pillars through 500 billion in grants and 250 billion in loans to member states.
The Commission is proposing that the funds raised will need to be repaid through future EU budgets not before 2028 and not after 2058.
Ursula von der Leyen explained to MEPs how the Next Generation EU initiative would work.
Out words: next generation