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Article Dans Une Revue State and Local Government Budget Law (online) Année : 2021

Borrowing: a new resource for the European Union in the period of COVID-19 epidemic

Loïc Levoyer

Résumé

After more than two years of difficult negotiations, marked by the withdrawal of the United Kingdom from the European Union and 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 macroeconomic stabilization by backing it with a new recovery instrument called "Next Generation EU". This change is linked to a new own resources decision for 2020, which establishes borrowing as a temporary resource for the European Union. Recourse to borrowing is strictly controlled and its legal basis is discussed. However, recourse to borrowing remains a powerful factor in the creation of own resources, in order to avoid the need to call on the budgets of the Member States in a complementary manner to repay the loan.

Dates et versions

hal-03937911 , version 1 (13-01-2023)

Identifiants

Citer

Loïc Levoyer. Borrowing: a new resource for the European Union in the period of COVID-19 epidemic. State and Local Government Budget Law (online), 2021, 1, pp.26-36. ⟨10.12775/PBPS.2021.002⟩. ⟨hal-03937911⟩
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