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C. Bastasin: A permanent Recovery Fund requires a European Government

On July 21, 2020, the European Council agreed on the Next Generation - EU (NG-EU). The new exceptional temporary recovery instrument was primarily meant to address the economic fallout from the pandemic through a debt based fiscal stimulus of around 1% of GDP on average in the euro area over the period from 2021 to 2024. In this context, the European Commission is authorized to raise up to €750 billion on the capital markets on behalf of the European Union. The funds can be used to provide loans of up to €360 billion and grants of up to €390 billion.

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A permanent Recovery Fund requires a European Government .pdf170.45 KB