The coronavirus pandemic influenced the negotiations on the medium-term architecture of EU finances, which resulted in the adoption of an unprecedented budgetary package in December 2020. This combines the €1 074.3 billion multiannual financial framework (MFF) for the years 2021 to 2027 with the €750 billion Next Generation EU (NGEU) instrument. The agreement brought new momentum to the EU budget, assigning it a major role in the Union's strategy to relaunch the economy. The launch of NGEU, a temporary recovery instrument (2021-2023), to be financed through resources borrowed on the markets by the European Commission on behalf of the Union, is a major innovation.

Coronavirus outbreak (T)

EPRS - Economic and Budgetary Outlook for the European Union 2021