The EU’s 2028-2034 Mul iannual
Financial F amewo k and he u u e o
join bo owing
Policy B ie No. 5 - 2025
Au ho s
Lukas Spielbe ge and Da id Howa h
Lukas Spielbe ge is a Resea ch Scien is a he Uni e si y o Luxembou g; P incipal In es iga o o he FNR-
unded p ojec ‘G eening Eu ope’s Public Finances’ and membe o he PROSPER ne wo k
Da id Howa h is a Full P o esso o Poli ical Science: Eu opean Union S udies a he Uni e si y o Luxembou g;
and membe o he PROSPER ne wo k
lukas.spielbe ge @uni.lu
da id.howa [email protected]
1
1. In oduc ion
The adop ion o he Nex Gene a ionEU
(NGEU) p og amme in 2021 is widely
conside ed a ans o ma i e momen
o he ole o join bo owing in
Eu opean Union (EU) policymaking.
Analys s we e quick o p onounce ha
NGEU was pa h-b eaking o he EU,
1
o — acco ding a signi ican numbe o
poli ical leade s and expe obse e s
— e en Eu ope’s ‘Hamil onian
momen ’.
2
While such claims may be
exagge a ed — he EU has bo owed
on capi al ma ke s since he 1950s —
he e can indeed be li le doub ha
NGEU has injec ed a new dynamic in o
EU iscal poli ics.
3
Since 2020, he EU’s
bo owing has inc eased o o e
€600bn, making i he i h-la ges
public issue in he eu o a ea, and he
la ges in e ms o ne issuance in
2025.
4
The EU’s bo owing abili ies ha e
no jus unded he eco e y om he
COVID-19 pandemic, bu also enabled
he Union o become he la ges
p o ide o inancial assis ance o
Uk aine since 2022.
5
The D aghi Repo
1
Schelkle, W. (2021) ‘Fiscal In eg a ion in an
Expe imen al Union: How Pa h‐B eaking Was he
EU’s Response o he COVID‐19 Pandemic?’,
JCMS:
Jou nal o Common Ma ke S udies
, 59(S1), pp. 44–
55. A ailable a : h ps://doi.o g/10.1111/jcms.13246.
2
Dausend, P. and Schie i z, M. (2020) ‘” Jemand muss
o angehen”’,
Die Zei
, 19 May. A ailable a :
h ps://www.zei .de/2020/22/ola -scholz-
eu opaeische-union- e o m- e einig e-s aa en.
3
Hodson, D.
e al.
(2026)
Banking on Eu ope: Why he
EU Became a So e eign-S yle Bo owe and How I
Should Be Held o Accoun
. Ox o d: Ox o d Uni e si y
P ess.
4
Eu opean Commission (2025)
EU In es o
P esen a ion INVESTING IN EU-Bonds & EU-Bills
.
A ailable a :
h ps://commission.eu opa.eu/documen /download
/9cb a1da-2198-4ad7-9846-
233eca7397a8_en? ilename=EU%20In es o %20P
esen a ion_Ma _2025_ inal.pd (Accessed:
No embe 11, 2025).
in 2024 called o inc eased join
bo owing o inance public
in es men s in Eu opean public goods,
6
an idea ecen ly endo sed by he
In e na ional Mone a y Fund (IMF).
7
Join bo owing, i seems, has opened
wond ous new possibili ies o wha he
EU can accomplish despi e i s limi ed
budge .
Ye o all he calls o mo e join deb ,
he ques ion o wha ins i u ional
impac NGEU has had on he ole o
join bo owing in u u e EU policies has
so a been di icul o answe , gi en
how li le ime has passed since he
p og amme’s launch. In July 2025, he
Eu opean Commission published i s
p oposal o he upcoming 2028-2034
Mul iannual Financial F amewo k
(MFF), which migh be seen as a i s
indica ion o how he bo owing
capaci ies and poli ical ag eemen s
ha allowed la ge-scale EU bo owing
in he i s place migh be e lec ed in
he Union’s iscal a chi ec u e going
o wa d.
8
As we a gue in his policy
5
Hodson, D. and Howa h, D. (2024) ‘The EU’s
Reco e y and Resilience Facili y: An Excep ional
Bo owing Ins umen ?’,
Jou nal o Eu opean
In eg a ion
, 46(1), pp. 69–87. A ailable a :
h ps://doi.o g/10.1080/07036337.2023.2243378.
6
D aghi, M. (2024)
The u u e o Eu opean
compe i i eness
. B ussels. A ailable a :
h ps://commission.eu opa.eu/documen /download
/ec1409c1-d4b4-4882-8bdd-
3519 86bbb92_en? ilename=The%20 u u e%20o %
20Eu opean%20compe i i eness_%20In-
dep h%20analysis%20and%20 ecommenda ions_
0.pd (Accessed: Oc obe 11, 2024).
7
In e na ional Mone a y Fund (2025)
Eu o A ea
Policies: 2025 Annual Consul a ion.
Washing on D.C.
A ailable a :
h p://www.IMF.o g/ex e nal/np/sec/misc/quali ie s
.h m.
8
Eu opean Commission (2025)
The 2028-2034 EU
budge o a s onge Eu ope.
A ailable a :
h ps://commission.eu opa.eu/s a egy-and-
2
b ie , he MFF p oposal shows ha
Commission’s bo owing acili ies ha e
indeed become a ix u e hanks o he
EU’s e o ms since 2021. Howe e , hei
impac amoun s only o a pa ial
ans o ma ion and s ops well sho o
any meaning ul s eps owa ds iscal
union.
2. Becoming a so e eign-
s yle bo owe
I ook signi ican ins i u ional e o m o
enable he EU o bo ow hund eds o
billions o eu os in esponse o he
COVID-19 pandemic. Un il 2020, he
EU’s budge had been deployed o und
loans o bo h membe s a es and hi d
coun ies, bu hese loans used o be
limi ed in size. Ye , he EU’s i s
pandemic- ela ed ins umen —
Suppo o mi iga e Unemploymen
Risks in an Eme gency (SURE) —
p o ed a challenge o bo h he
capaci y o he EU budge o gua an ee
bo owings, and he Eu opean
Commission’s abili y o manage a
la ge s ock o deb .
9
To un i s
successo , Nex Gene a ionEU, majo
changes o he EU’s budge a y
s uc u e and he Commission’s deb
managemen ope a ions we e
implemen ed which signi ican ly
in luenced he EU’s app oach o
inancial assis ance unde he cu en
MFF.
policy/eu-budge /long- e m-eu-budge /eu-budge -
2028-2034_en
9
Coope , I. (2024) ‘Suppo o mi iga e
Unemploymen Risks in an Eme gency – SURE’, in
Fabb ini, F. and Pe i , C. A., eds.,
Resea ch Handbook
on Pos -Pandemic EU Economic Go e nance and
NGEU Law
, Edwa d Elga , pp. 80-92. A ailable a :
h ps://doi.o g/10.4337/9781035328161
10
A icle 11, ‘Council Regula ion (EU) 2020/672 o 19
May 2020 on he es ablishmen o a Eu opean
ins umen o empo a y suppo o mi iga e
unemploymen isks in an eme gency (SURE)
ollowing he COVID-19 ou b eak’ (2020)
O icial
Jou nal
L 159, 1-
7. h p://da a.eu opa.eu/eli/ eg/2020/672/oj
The i s signi ican change was o
inc ease he EU’s budge a y
head oom, he eby allowing he EU o
bo ow much mo e han i had p io o
2020. The EU’s budge a y head oom
e e s o he gap be ween i s budge a y
app op ia ions and he maximum
amoun o money ha he Commission
can legally call up om he membe
s a es unde he Own Resou ces
Decision (ORD). While his head oom
had been inc easing wi h each
successi e MFF, i was no enough o
backs op he EU’s pandemic bo owing
ins umen s wi hou po en ially
jeopa dizing he EU’s AAA c edi a ing.
To und he €100bn en elope o SURE,
addi ional bila e al membe s a e
gua an ees we e necessa y.
10
In he
2020 Own Resou ces Decision,
membe s a es aised he Own
Resou ces ceiling om 1.23% o EU
G oss Na ional Income (GNI) pe yea o
2 pe cen (Council Decision 2020/2053)
— bols e ing he EU’s capaci y o
gua an ee bo owings agains i s
budge e en beyond he unding needs
o NGEU.
11
O his inc ease, 0.6% o
GNI we e ea ma ked o he sole
pu pose o epaying he
unp eceden ed deb - unded g an s
disbu sed unde NGEU. Much o he
emainde has since 2022 been used o
gua an ee he EU’s long- e m loans o
Uk aine.
12
In sho , a sizeable budge a y
head oom has unde pinned he EU’s
11
A icles 5 and 6, ‘Council Decision (EU, Eu a om)
2020/2053 o 14 Decembe 2020 on he sys em o
own esou ces o he Eu opean Union and epealing
Decision 2014/335/EU, Eu a om’ (2020)
O icial
Jou nal
L 424, 1-
10. h p://da a.eu opa.eu/eli/dec/2020/2053/oj
12
Eu opean Commission (2024)
REPORT FROM THE
COMMISSION TO THE EUROPEAN PARLIAMENT
AND THE COUNCIL on con ingen liabili ies a ising
om budge a y gua an ees and inancial
assis ance and he sus ainabili y o hose con ingen
liabili ies Si ua ion a 31 Decembe 2023
. B ussels.
A ailable a : h ps://eu -lex.eu opa.eu/legal-
con en /EN/TXT/PDF/?u i=CELEX:52024DC0507
(Accessed: No embe 13, 2025).
3
abili y o c ea e new bo owing
acili ies.
A second, mo e echnical, change o
he Commission’s deb managemen
ope a ions, which was also in oduced
o NGEU, has made i s deb - unded
loan ope a ions as ly mo e a ac i e.
Un il 2020, he EU bo owed unde a
back- o-back bo owing amewo k,
whe e i passed on he condi ions o i s
own bo owing — ma u i y and in e es
— o he loan ecipien . A e SURE
showed he limi s o his app oach o
la ge amoun s o bo owing and
lending, he implemen a ion o NGEU
equi ed an al oge he mo e lexible
app oach. In 2021 he Commission
ins i u ed a di e si ied unding s a egy,
unde which i could de-link loans and
bo owing, and und i s deb s h ough
calenda -based issuance and sho -
e m bo owing, simila o na ional deb
managemen agencies. Since 2023, all
Commission bo owing has been
unded in his way.
13
This e o m
ex ended he ma u i ies ha he
Commission could o e o i s ecipien s
om 15 yea s unde SURE o 40 yea s
o mo e o i s la es loans o Uk aine.
Loans wi h such ma u i ies a e highly
a ac i e o he ecipien s, gi en ha
epaymen s a e s e ched ou o e a
long pe iod. The EU’s new deb
managemen a chi ec u e has hus no
jus c ea ed a cons i uency o in es o s
ha demand con inued issuance; i has
also b ough angible bene i s o
coun ies ha bo ow om he EU.
13
Spielbe ge , L.
e al.
(2025) ‘Building a Eu opean
Union “T easu y”: Explaining he Eu opean
Commission’s New App oach o Deb Issuance and
Managemen ’,
JCMS: Jou nal o Common Ma ke
S udies
, 63(4), pp. 1197–1216. A ailable a :
h ps://doi.o g/10.1111/jcms.13696.
14
Eu opean Commission (2025)
P oposal o a
COUNCIL DECISION on he sys em o own esou ces
o he Eu opean Union and epealing Decision (EU,
Eu a om) 2020/2053.
A ailable a :
h ps://op.eu opa.eu/en/publica ion-de ail/-
/publica ion/eac3a0 e-62e4-11 0-b 4e-
01aa75ed71a1/language-en
3. Bo owing ins umen s
unde he nex MFF
The Commission’s p oposal o he
2028-2034 MFF has clea ly d awn
inspi a ion om hese e o ms, bu i
has s opped sho o simply p oposing
a e un o NGEU. On he con a y, he
p oposal includes wo en i ely new
bo owing ins umen s h ough which
he Commission will seek o p o ide
inancial assis ance o membe s a es
and p o ide concessional loans o
na ional in es men p io i ies. While
hese ins umen s highligh he
Commission’s con inued appe i e o
join deb , hey also illus a e he icky
poli ics o u he EU bo owing.
The i s acili y, a hi he o unnamed
‘c isis mechanism’, seeks o gi e he EU
a s anding acili y o ex end loans o up
o €400bn in esponse o
eme gencies.
14
In he wo ds o
Commission P esiden U sula on de
Leyen, ‘c ises a e no longe he
excep ion, hey a e he no m’,
15
and
acco dingly, he EU should ha e a
lexible capaci y o suppo membe
s a e esponses o eme ging h ea s.
The Commission’s p oposed c isis
mechanism is supposed o ese e an
inc emen o he EU budge o
gua an ee u u e c isis- ela ed loans o
membe s a es; i would equi e he
adop ion o a Council Regula ion o be
ac i a ed.
16
The idea o a pe manen
c isis mechanism may seem sel -
con adic o y a i s glance, bu i is
15
Eu opean Commission (2025)
S a emen by
P esiden on de Leyen on he nex long- e m EU
budge
, A ailble a :
h ps://ec.eu opa.eu/commission/p essco ne /de ai
l/e /s a emen _25_1851
16
A icle 6, Eu opean Commission (2025)
P oposal
o a COUNCIL DECISION on he sys em o own
esou ces o he Eu opean Union and epealing
Decision (EU, Eu a om) 2020/2053.
A ailable a :
h ps://op.eu opa.eu/en/publica ion-de ail/-
/publica ion/eac3a0 e-62e4-11 0-b 4e-
01aa75ed71a1/language-en
4
wo h no ing ha EU inancial
assis ance since he Eu o A ea c isis
has elied on ad hoc ins umen s.
17
Consequen ly, he p oposal can be
unde s ood as pa o he
Commission’s a emp o s eamline
inancial assis ance and gain a
s uc u al bo owing capaci y wi hin
he EU’s budge a y amewo k.
In iguingly, he p oposed c isis
mechanism elies on a new legal basis
which, i adop ed, would also add ess
an ins i u ional imbalance a he co e o
EU inancial assis ance. To da e, EU
assis ance o membe s a es has
emained ou side he EU budge and
been unded unde A 122.2 TFEU — a
a he gene al p o ision ha allows he
Council o adop empo a y inancial
assis ance ins umen s.
18
Howe e , he
esul ing o budge -cha ac e o join
bo owing ope a ions, and he
exclusion o he Eu opean Pa liamen
om deciding on mos inancing
acili ies ha e long been poli ically
con es ed.
19
This deba e has
esu aced a e he expansion o EU
bo owing since 2020 (bo h he
bo owing o SURE and o NGEU ely
17
Chamon, M. (2023)
The use o A icle 122 TFEU
Ins i u ional implica ions and impac on democ a ic
accoun abili y
. B ussels. A ailable a :
h ps://www.eu opa l.eu opa.eu/RegDa a/e udes/S
TUD/2023/753307/IPOL_STU(2023)753307_EN.pd
(Accessed: No embe 22, 2024).
18
Chamon, M. (2023)
The use o A icle 122 TFEU
Ins i u ional implica ions and impac on democ a ic
accoun abili y
. B ussels. A ailable a :
h ps://www.eu opa l.eu opa.eu/RegDa a/e udes/S
TUD/2023/753307/IPOL_STU(2023)753307_EN.pd
(Accessed: No embe 22, 2024).
19
Vi sen za os, M. (2014) “Loans and gua an ees in
he Eu opean Union budge ,”
ERA Fo um,
15(1), pp.
131–144. A ailable a :
h ps://doi.o g/10.1007/s12027-014-0340-5.
20
“The e ision o he Financial Regula ion in iew o
he en y in o o ce o he 2021-2027 mul iannual
inancial amewo k Eu opean Pa liamen esolu ion
o 24 No embe 2021 on he e ision o he Financial
Regula ion in iew o he en y in o o ce o he 2021-
2027 mul iannual inancial amewo k
(2021/2162(INI))” (2022) O icial Jou nal C 224, 37-46.
A ailable a : h ps://eu -lex.eu opa.eu/legal-
con en /EN/TXT/?u i=u ise %3AOJ.C_.2022.224.0
1.0037.01.ENG& oc=OJ%3AC%3A2022%3A224%3
ATOC
on his p o ision) as join bo owing has
become mo e signi ican in he EU’s
public inances.
20
Re lec ing his
poli ical p essu e, bo h a 2020 join
decla a ion by he ins i u ions
21
and he
cu en Commission’s Poli ical P io i ies
p omised g ea e EP in ol emen in
u u e uses o A 122.2 TFEU.
22
Ra he
han e o m A 122.2 TFEU, howe e ,
he new mechanism is o be c ea ed
unde A 311.3 TFEU. This means ha ,
o ac i a e i , he EP would ha e o gi e
i s consen , which would g an i a
subs an i e say o e u u e deb -
unded assis ance p og ammes.
The Commission’s p oposal o a
second inancing acili y, p o isionally
named ‘Ca alys Eu ope’, signals ha i
does no seek o p olong all elemen s o
NGEU.
23
While he acili y con inues EU
unding o na ional in es men s, he
key inno a ion ha made NGEU
supposedly so pa h-b eaking — he
use o join bo owing o p o ide
ou igh g an s —is no longe on he
agenda. Qui e he opposi e: he
Commission s esses ha i no longe
seeks o bo ow o cu en expendi u e
and ha deb - unded g an s unde
21
‘Join decla a ion o he Eu opean Pa liamen , he
Council and he Commission on budge a y sc u iny
o new p oposals based on A icle 122 TFEU wi h
po en ial app eciable implica ions o he Union
budge 2020/C 444 I/05’, (2020)
O icial Jou nal
C
444, 5-5. A ailable a : h ps://eu -
lex.eu opa.eu/legal-
con en /EN/TXT/?u i=CELEX:32020C1222(05)
22
Von de Leyen, U. (2024)
Eu ope’s Choice – Poli ical
Guidelines o he Nex Eu opena Commission 2024-
2029
. A ailable a :
h ps://commission.eu opa.eu/documen /download
/e6cd4328-673c-4e7a-8683-
63 b2c 648_en? ilename=Poli ical%20Guidelines
%202024-2029_EN.pd p. 30
23
Eu opean Commission (2025)
COMMUNICATION
FROM THE COMMISSION TO THE EUROPEAN
PARLIAMENT, THE EUROPEAN COUNCIL, THE
COUNCIL, THE EUROPEAN ECONOMIC AND
SOCIAL COMMITTEE AND THE COMMITTEE OF THE
REGIONS A dynamic EU Budge o he p io i ies o
he u u e - The Mul iannual Financial F amewo k
2028-2034,
COM/2025/570 inal. A ailable a :
h ps://eu -lex.eu opa.eu/legal-
con en /EN/TXT/?u i=CELEX%3A52025DC0570&qi
d=1753978048542
5
NGEU we e a one-o .
24
Ins ead,
Ca alys Eu ope is supposed o p o ide
cheap loans o membe s a es o allow
hem o und in es men s in EU
s a egic objec i es, eplica ing an
app oach es ablished h ough he loan
po ion o NGEU and he mo e ecen
SAFE acili y
25
. A guably, he EU’s long
loan ma u i ies, and he Commission’s
low unding cos s may s ill make such a
acili y a ac i e o mos membe
s a es. Bu he p oposed size o he
ins umen o €150bn is a he modes
compa ed o he p oposals loa ed by
he IMF o he D aghi Repo .
4. How o pay o all he
deb
The Commission’s p oposal o a new
Decision on he EU’s Own Resou ces
demons a es ha i is also seeking a
clea e alignmen be ween i s
bo owing ins umen s and he
bo owing space a ailable unde he
EU budge . In p e ious budge s, all
Commission loans o membe s a es —
and mo e ecen ly also hose o
Uk aine — we e gua an eed unde he
gene al ma gin be ween he
app op ia ions ceiling and he Own
Resou ces ceiling;
26
he la es p oposal
ollows he p eceden se by NGEU o
24
Reci al 26, Eu opean Commission (2025)
P oposal
o a COUNCIL DECISION on he sys em o own
esou ces o he Eu opean Union and epealing
Decision (EU, Eu a om) 2020/2053.
A ailable a :
h ps://op.eu opa.eu/en/publica ion-de ail/-
/publica ion/eac3a0 e-62e4-11 0-b 4e-
01aa75ed71a1/language-en
25
‘Council Regula ion (EU) 2025/1106 o 27 May 2025
es ablishing he Secu i y Ac ion o Eu ope (SAFE)
h ough he Rein o cemen o he Eu opean De ence
Indus y Ins umen (Tex wi h EEA ele ance)’
(2025)
O icial Jou nal
L
1106, h p://da a.eu opa.eu/eli/ eg/2025/1106/oj
26
Eu opean Commission (2024)
REPORT FROM THE
COMMISSION TO THE EUROPEAN PARLIAMENT
AND THE COUNCIL on con ingen liabili ies a ising
om budge a y gua an ees and inancial
assis ance and he sus ainabili y o hose con ingen
liabili ies Si ua ion a 31 Decembe 2023
. B ussels.
A ailable a : h ps://eu -lex.eu opa.eu/legal-
ea ma king compa men s wi hin he
Own Resou ces o indi idual acili ies.
The p oposal o esees spending o up
o 1.29% o EU GNI, agains a ceiling o
1.75%.
27
The di e ence be ween hese
wo — 0.46% o EU GNI — can be seen
as he gene al head oom ma gin which
could gua an ee new loans unde he
EU’s exis ing acili ies, including a
planned inc ease in he Uk aine Facili y
o 100bn, as well as SAFE and,
p obably, Ca alys Eu ope. Howe e ,
he p oposed C isis Mechanism
equi es di e en budge a y
unde pinnings. The C isis Mechanism,
by i ue o i s en isioned legal basis will
be placed unde a sepa a e inc emen
o 0.25% o EU GNI, on op o he
exis ing ceiling,
28
which would b ing he
de ac o spending limi unde he Own
Resou ces Decision o 2% o GNI.
The EU budge combines e enue om
di e en sou ces o each his amoun .
Mos o he EU budge — abou 64% —
is unded om membe s a e budge
con ibu ions unde he GNI
componen .
29
Ye he Commission has
long sough o inc ease he sha e
coming om he Own Resou ces
— ha is, au onomous EU e enue,
e en hough i is collec ed by na ional
inance minis ies akin o any na ional
ax on EU ci izens and businesses.
con en /EN/TXT/PDF/?u i=CELEX:52024DC0507
(Accessed: No embe 13, 2025).
27
A icle 4.1, Eu opean Commission (2025)
P oposal
o a COUNCIL DECISION on he sys em o own
esou ces o he Eu opean Union and epealing
Decision (EU, Eu a om) 2020/2053.
A ailable a :
h ps://op.eu opa.eu/en/publica ion-de ail/-
/publica ion/eac3a0 e-62e4-11 0-b 4e-
01aa75ed71a1/language-en
28
A icle 8, Eu opean Commission (2025)
P oposal
o a COUNCIL DECISION on he sys em o own
esou ces o he Eu opean Union and epealing
Decision (EU, Eu a om) 2020/2053.
A ailable a :
h ps://op.eu opa.eu/en/publica ion-de ail/-
/publica ion/eac3a0 e-62e4-11 0-b 4e-
01aa75ed71a1/language-en
29
Eu opean Commission (2025)
DRAFT The Union’s
budge o he inancial yea 2026.
A ailable a :
h ps://eu -
lex.eu opa.eu/budge /da a/DB/2026/en/SEC03.pd
6
When he EU adop ed NGEU, wi h i s
g an componen , he ins i u ions
eached an ag eemen o c ea e new
Own Resou ces o epay he g an -
ela ed bo owings.
30
Howe e , o da e,
only one o he h ee planned
esou ces, he Ca bon Bo de
Adjus men Mechanism (CBAM),
31
has
seen he ligh o day, and i s e enue is
a below wha will be necessa y o
epay NGEU.
Gi en ha ne epaymen s on he
p incipal o NGEU a e se o begin
unde he nex MFF, he Commission
has p oposed h ee new Own
Resou ces,
32
he p oceeds o which a e
o be ma ched o he epaymen o
NGEU o abou 58.5bn pe yea .
Howe e , he p ospec s o hese new
e enue sou ces being adop ed emain
slim. New Own Resou ces would no
jus shi he balance o budge a y
con ibu ions among membe s a es;
hey would also c ea e a di ec poli ical
link be ween inc eased bo owing and
e enue powe s o he Commission.
The Commission is able o se ice all i s
deb s and con inue o bo ow wi h i s
AAA c edi a ing in hei absence. This
gi es membe s a es ew easons o
ag ee o new EU Own Resou ces.
30
‘In e ins i u ional Ag eemen be ween he
Eu opean Pa liamen , he Council o he Eu opean
Union and he Eu opean Commission on budge a y
discipline, on coope a ion in budge a y ma e s and
on sound inancial managemen , as well as on new
own esou ces, including a oadmap owa ds he
in oduc ion o new own esou ces’ (2020)
O icial
Jou nal
L 433, 28-46. A ailable a :
h p://da a.eu opa.eu/eli/ag ee_in e ins i /2020/122
2/oj
31
‘Regula ion (EU) 2023/956 o he Eu opean
Pa liamen and o he Council o 10 May 2023
es ablishing a ca bon bo de adjus men
5. Conclusion
The Commission’s July 2025 p oposals
o he MFF and he Own Resou ces
Decision should be seen as he s a ing
gun in a p o ac ed nego ia ion o e he
u u e o he EU’s long- e m inances.
While he d a legisla ion shows he
Commission’s eage ness o con inue o
ake ad an age o i s new bo owing
capabili ies, i also e lec s he need o
ead ca e ully. The e o ms
implemen ed since he c ea ion o
NGEU ha e, doub less, le a ma k in
e ms o allowing he Commission o
o e concessional long- e m loans and
o c ea ing new budge a y head oom
o bo owing. Howe e , i is appa en
ha no all elemen s o he pandemic
acili y ha e s ood he es o ime. The
Commission’s eluc ance o p opose
ano he ound o deb - unded g an s
sugges s ha u u e join bo owing will
be con ined o p o iding concessional
loans. The Commission’s e o s o ind
an al e na i e o A 122.2 TFEU
sugges s ha i aims o gi e he
Eu opean Pa liamen a limi ed say o e
u u e c isis assis ance. Finally, e o s
o le e age join bo owing o gain mo e
au onomous e enue sou ces appea
ill- a ed. Wi hou a doub , NGEU had a
p o ound impac on he EU’s budge a y
poli ics. Howe e , we should no
conclude ha i has pu he EU on an
i e e sible pa h owa ds iscal union.
mechanism’ (2023)
O icial Jou nal
L 130,52-104.
A ailable a :
h p://da a.eu opa.eu/eli/ eg/2023/956/oj
32
A ax on elec onic was e, a obacco excise du y,
and a Eu opean co po a e ax. See A icle 8,
Eu opean Commission (2025)
P oposal o a
COUNCIL DECISION on he sys em o own esou ces
o he Eu opean Union and epealing Decision (EU,
Eu a om) 2020/2053.
A ailable a :
h ps://op.eu opa.eu/en/publica ion-de ail/-
/publica ion/eac3a0 e-62e4-11 0-b 4e-
01aa75ed71a1/language-en
Policy B ie
Policy B ie
No. 5 - 2025
Funded by he Eu opean Union. Views and opinions exp essed a e howe e hose o he au ho (s) only
and do no necessa ily e lec hose o he Eu opean Union o he Eu opean Educa ion and Cul u e Execu i e
Agency. Nei he he Eu opean Union no he g an ing au ho i y can be held esponsible o hem.
