On May 27, 2020, the European Commission put forward its proposal for a European Recovery Plan (ERP) with a new EUR 750 billion funding via its financial recovery instrument, called the “Next Generation EU” which would be funded by borrowing on the financial markets. If approved by the Member States, Next Generation EU will invest EUR 500 billion through grants and EUR 250 billion through loans. This is additional to a ‘boosted and reinforced’ EUR 1.1…