2021-10-31-布鲁盖尔研究所-下一代欧盟借款_第一次评估（英）_23页_647kb

Next Generation EU (NGEU) is a groundbreaking initiative designed to fundamentally change how the European Union interacts with financial markets by establishing a robust public debt program. The EU aims to become a strong issuer of safe assets, competing with major sovereigns like Germany and the US. Key features include:

• Borrowing Targets: NGEU allows the EU to borrow up to €750 billion (2018 prices) until 2026, with an estimated €80 billion covered between June and the end of 2021, and around €150 billion annually thereafter.

• Strategic Approach: Similar to major national borrowers, NGEU focuses on a diversified strategy with regular issuances of a wide range of securities, including green bonds and shorter-term bills, to build market credibility. The EU plans to issue securities with maturities from three months to 30 years.

• Sustainability Integration: A primary goal is to issue nearly 30% of the total debt as green bonds, establishing itself as a leader in sustainable finance to support climate standards and bolster the euro's role in global markets.

• Dealer Network and Market Operations: Primary dealers (14 institutions) play a key role in managing the program. The EU relies on dealer performance to maintain liquidity and competitive pricing while being transparent and inclusive in country representation.

The ramifications of NGEU are significant, including more affordable borrowing for member states, the development of a European benchmark yield curve, and enhanced resilience in the euro-area financial architecture. However, the temporary nature of the program poses a long-term challenge, emphasizing the need for its permanence if the promised benefits are to be fully realized.