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Publication . Article . 2021

Borrowing: a new resource for the European Union in the period of COVID-19 epidemic

Loïc Levoyer;
Open Access
English
Published: 01 Jan 2021
Publisher: HAL CCSD
Country: France
Abstract
After more than two years of difficult negotiations, marked by a withdrawal of the United Kingdom from the European Union and an eruption of the COVID-19 health crisis, the European Union has succeeded in adopting a multiannual financial framework for the years 2021–2027. The agreement reached at the European Council of 17 and 21 July 2020 constitutes a turning point in the construction of the European Union insofar as it transforms the multiannual financial framework into an instrument of a macroeconomic stabilization by backing it with a new recovery instrument called “Next Generation EU”. This change is linked to a new EU’s own resources decision for 2020, which establishes borrowing as a temporary resource for the European Union. Recourse to borrowing is strictly limited. However, for member states, recourse to borrowing could be a factor in accelerating the creation of other own resources in order to avoid using member states’ budgets (in a complementary manner) to repay the loan.
Subjects by Vocabulary

ACM Computing Classification System: ComputingMilieux_MISCELLANEOUS

Microsoft Academic Graph classification: Negotiation media_common.quotation_subject media_common Turning point Order (exchange) Economic policy Political science European union media_common.cataloged_instance Resource (biology) Loan Period (music) Coronavirus disease 2019 (COVID-19)

Subjects

[SHS.DROIT]Humanities and Social Sciences/Law, european union, european budget, own resources, next generation eu, borrowing, covid-19 epidemic, Comparative law. International uniform law, K520-5582, Political institutions and public administration (General), JF20-2112

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