Macron/Merkel plan would require extra national form all EU27 guarantees to MFF 2021-2027 worth 165bn
That would be leveraged into a fund worth 500bn
If paid out as grants, that 500bn would have to be paid back in total by all 27 via contributions or EU taxes
That would be leveraged into a fund worth 500bn
If paid out as grants, that 500bn would have to be paid back in total by all 27 via contributions or EU taxes
French argue that could be over a 40 year period - with no repayments at all for 3 years
To avoid burden of extra time EU budget contributions there could be new European taxes to pay it off
To avoid burden of extra time EU budget contributions there could be new European taxes to pay it off
With a repayment schedule outside the MFF, as Germany has said, that suggests an SPV
The fund is at the lower end of what France proposed
