Abstract
Reforming the financing of the EU budget is a notoriously difficult process. Notwithstanding frequent criticisms of the current system of own resources, it has proven particularly difficult over the decades to unblock any momentum for change. However, the adoption of the EU’s COVID-19 Recovery Plan, otherwise known as ‘Next Generation EU’, may generate a new impetus for reform of how the EU is financed. If it is ratified, the plan will see the EU borrowing up to EUR 750 billion on the capital markets to finance the economic recovery over the coming years. As well as representing a notable innovation in its own right, the obligation to repay that debt in the future creates an incentive to introduce new sources of revenue for the EU to cover the costs of those repayments. This contribution assesses how the agreement on the Recovery Plan may generate a new dynamism in the long-stalled process of reforming the revenue side of the EU budget.
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