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1 mars 2021
- handle: 10670/1.62mq84
- hal: hal-03937911
- doi: 10.12775/PBPS.2021.002
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info:eu-repo/semantics/altIdentifier/doi/10.12775/PBPS.2021.002
Mots-clés
European Union European budget Own resources Next Generation EU Borrowing covid-19 epidemic European UnionSujets proches
Borrowing Lending Loans for consumption BorrowingCiter ce document
Loïc Levoyer, « Borrowing: a new resource for the European Union in the period of COVID-19 epidemic », HAL-SHS : droit et gestion, ID : 10.12775/PBPS.2021.002
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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.