There Commission European he announced that in the second half of 2025 he will emit up to 70 billion euro in bonds EU.
The annual collection objective of approximately 160 billion euros is thus confirmed. The resources will serve to finance a series of strategic programs, including stand out Nextgenerationusupport forUkrainethe new tool for i Western Balkans and various macro -financial assistance programs intended for third countries.
Towards the issue of EU bonds
The announcement is part of the unified financing model adopted by the European Commission since 2023, which provides for semester financing plans and a single label, namely that of “EU bonds”, thus overcoming separate emissions for individual tools. The approach is explained, it is aimed at guaranteeing greater transparency, consistency and liquidity in the secondary markets.
So far, the EU has already collected beyond 304 billion euros in subsidies and loans for the Member States through the device for the recovery and resilience. To these are added 74 billion For other programs, including Ukraine assistance, which will receive up to 33 billion euros by 2027.
There is no lack of attention to the ecological transition, with the European Commission that will continue to issue bonds green Nextgenerazionau, which have already collected 75 billion euros to finance climate -related projects. However, new emissions will depend on the timely reporting of environmental expenses by the Member States.
The Plan for the Common European Defense is underway
On a strategic level, at the end of May the Member States adopted the new tool Safe (Security and Assistance Facility for Europe), which provides for the use of the capital market to collect up to 150 billion euros by 2030. These resources will be used to finance the acquisition of military capacityin a context in which the EU seeks greater strategic autonomy. The funding will start in 2026, following the approval of the national plans.
The Commission continues in strengthening the Union’s financial infrastructure. After introducing PCT operations (ready -to -term) operations for liquidity management in 2024, non -competitive auctions will be introduced to expand the audience of investors. At the same time, a system of incentives For primary retailers that offer electronic prices on EU securities, with the aim of supporting liquidity and making European bonds a reliable benchmark globally.
What changes for Europe
The ambitious emissions plan scheduled for 2025 intends to confirm the centrality of the common debt as an EU policy tool, marking a further step towards tax integration. If on the one hand this strengthens the union’s ability to respond to crisis And investments strategicon the other hand opens questions politicians and legal on the governance of that debt. Use common debt certainly strengthens the EU, because it allows you to collect resources quickly and massively to face crises (such as the recent Covid pandemic or the war in Ukraine) or finance strategic investments (such as the green transition or the large European rearmament plan).
Applications open on EU debt
But three questions remain on the table. Who decides how to use Those funds? Today the Commission does, but with the increase in common debt, a wider governance could serve. Who is responsible in case of insolvency? The debt is currently guaranteed by the EU budget, but there is no real tax union. The debt is sustainable in the long run? If it becomes structural, it will be adjusted in a stable way. In this case, the obstructionism of the so -called “frugal countries” can already be provided.
