NextGenerationEU Recovery Fund — €750B Agreed

After four days of marathon negotiations, EU leaders agreed on a €750 billion COVID-19 recovery fund, NextGenerationEU, combining €390 billion in grants and €360 billion in loans. For the first time, the EU Commission was authorised to borrow on capital markets at scale to finance shared spending — a 'Hamiltonian moment' hailed as a fundamental shift in EU fiscal integration. The funds were tied to national reform and investment plans reviewed by the Commission.