Implementation of NGEU borrowing, debt management and lending operations

Abstract

To implement the NextGenerationEU (NGEU) borrowing operations on an unprecedented scale the European Commission has established a new governance framework, under which the operations are conducted in accordance with sound financial practices and in compliance with the limits set in the Own Resources Decision. The Commission uses a diversified funding strategy, which ensures timely funding of NGEU programmes, while allowing for flexibility in the conduct of the borrowing operations and for the costs to be proportionately borne by all beneficiaries. The governance includes independent risk management. The Commission has established a Primary Dealers Network and applies open and transparent rules for the selection of partners for the borrowing operations.