Within the framework of the Commission’s proposal advocating a new ceiling on the Union’s own resources, albeit on a temporary basis, 2.00% of the EU’s gross national income, Next Generation EU will allow the Commission to borrow up to 750 billion euros from the financial markets that will be distributed to Member States, reimbursed between 2028 and 2058 and invested in the following pillars: Support to Member States with investments and reforms, Relaunching the economy through incentives to private investments and Address the lessons of the crisis.
According to the European Commission, Next Generation EU as well as reinforcements targeting the EU’s long-term budget for 2021-2027 will elevate the total financial power of the EU budget to 1.85 billion euros.
In view of the urgency and the needs felt by the Member States societies and economies, the European Commission wants this budget to enter into force in January 2021.
