The European Commission announced on Tuesday 1 June that it would issue €80 billion of long-term EU bonds between June and December 2021 and several tens of billions of euros of short-term EU Bills from September onwards. These operations will enable it to start financing the Next Generation EU European Recovery Plan on behalf of the EU27.
This announcement takes the form of a decision on the maximum annual borrowing level, the ‘annual borrowing decision’. For 2021, this decision...