This article aims to offer a preliminary assessment of how intergovernmental and supranational politics played out in the genesis of Next Generation EU . It will review key events chronologically, distinguishing between two phases. From February to July 2020, the main players have been the EU member states. The article reviews the key positions within the European Council/Council of the EU and the tensions between coalitions of members. From July 2020 to February 2021, the role of supranational actors has become more significant, as the negotiations of the Multiannual Financial Framework were concluded, and legislation was mostly approved using the Ordinary Legislative Procedure. The article will trace the positions of the main actors and analyse conflicts within and among institutions, placing some specific attention on Italy