Following a successful start, in June 2021, of borrowing to finance the recovery in the context of the NextGenerationEU instrument, the European Commission announced on Tuesday, 14 December, its issuance plan to cover the funding needs under NextGenerationEU for the first half of 2022.
The plan provides for the issuance of €50 billion in long-term EU-Bonds between January and June 2022, which are to be supplemented by short-term EU-Bills.
The current funding plan is based on the latest forecasts for future NextGenerationEU payment needs.
Given that the Recovery and Resilience Facility (90% of payments under NextGenerationEU) is a performance-based instrument and that payments in 2022 will be conditional on meeting the milestones and targets set out in Member States’ national Recovery and Resilience Plans, the precise funding needs and the timing of payments may vary.
The European Commission also adopted the Annual Borrowing Decision for 2022. This decision includes the maximum amounts that the European Commission is authorised to borrow by the end of the year.
Since June 2021, the European Commission has raised €71 billion for NextGenerationEU through long-term EU-Bonds (and €12 billion through green bonds). (Original version in French by Lionel Changeur)