Borrowing: a new resource for the European Union in the period of COVID-19 epidemic
DOI:
https://doi.org/10.12775/PBPS.2021.002Keywords
European Union, European budget, Own resources, Next Generation EU, COVID-19 epidemic, BorrowingAbstract
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.References
Levoyer L., Budgets post covid-19 des Etats membres de l’Union européenne: comment préserver les générations futures?, „Revue du Droit de l’Union européenne”, 2020 No 4, pp. 183–200.
Martucci F., Le covid-19 et l’Union européenne, „Revue Française de Droit Administratif”, 2020, No 4, pp. 650–660.
Nabli B., Du caractère fictif de l’autonomie financière de l’Union Européenne,” Revue française d’administration publique”, 2007/3, No 123, pp. 353–372.
Nallet H., Agenda 2000: quel élargissement pour quelle Europe?, Rapport, Délégation de l’Assemblée nationale pour l’Union européenne, DIAN, No 425, 6 November 1997.
Potteau A., La réforme des ressources propres de l’Union européenne, „Gestion & Finances Publiques”, 2020, No 4, pp. 103–108.
Ytier D., Equilibre réel, [in:] G. Orsoni (Ed.), Finances publiques, Dictionnaire encyclopédique, 2ème éd., 2017.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2021 State and Local Government Budget Law
![Creative Commons License](http://i.creativecommons.org/l/by-nd/4.0/88x31.png)
This work is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License.
Stats
Number of views and downloads: 654
Number of citations: 0