The European Commission has released two publications in February, one reviewing its debt issuance activities in the second half of 2022, and the other assessing the achievements of the Recovery and Resilience Facility (RRF) – which accounts for 90% of the funding under the NextGenerationEU recovery programme - two years after its adoption. 

Third edition of the semi-annual report on EU debt management operations

The third edition of the semi-annual report on EU debt management operations shows strong market support for EU issuances even under challenging market conditions. In the second half of 2022, the EU successfully met its €50 billion funding target for NextGenerationEU. All syndicated transactions were between three and eleven times oversubscribed. In addition, the Commission raised €6.5 billion in its final issuance under the SURE programme, and a further €6.035 billion to support MFA loans to neighbouring countries, of which €6.0 billion for Ukraine – out of a total of €7.2 billion in the full 2022 (and €35 million to Moldova). The auction format for our issuances was further developed by introducing dual-bond auctions. The report also looks ahead to the EU’s planned issuance in 2023, and sets the ground for the Commission’s unified funding approach – the EU’s main funding method as of January 2023. To read the full report, click here.  

Recovery and Resilience Facility: Two years on

Adopted in the thick of the COVID-19 crisis, the RRF represents an unprecedented double push for green and digital reforms and investments across Member States. In this overview published in February 2023, the Commission took stock of the results the RRF has achieved so far. It documented the transformative reforms and investments the RRF has already driven across Member States, from reform of the Italian justice system to investment in offshore renewable technologies in Greece. The document also looks ahead to spring 2023, when Member States will cohere their responses to the global energy crisis by adding REPowerEU chapters to their Recovery and Resilience Plans – the spending roadmaps under the instrument. Following the report, the Commission published an interactive map some of showing the main projects which have received RRF financing across the EU. Check it out here.