The Commission has proposed a budget for the 2021-2027 period that responds to the twin challenges of an unstable world and the sizeable budget gap that will be left by Brexit, through cuts to expenditure and through fresh resources in equal measure. Building on the success of the Investment Plan for Europe (the Juncker Plan), the Commission has proposed to set up a new, fully integrated investment fund, InvestEU. This will anchor all centrally managed financial instruments inside the EU in a single, streamlined structure, avoiding overlaps, simplifying access to funding and reducing administrative burdens. With a contribution from the EU budget of €15.2 billion, InvestEU will mobilise more than €650 billion of additional investment. Furthermore, building on the roadmap for deepening Economic and Monetary Union which set out how new budgetary instruments could be developed to support a stable euro area and convergence towards the euro area, the Commission has also proposed two new instruments: a new Reform Support Programme will offer financial and technical support to all Member States for the pursuit of priority reforms, especially in the context of the European Semester, while a Convergence Facility will provide dedicated support to non-euro area Member States on their way to joining the common currency. A European Investment Stabilisation Function will help to maintain investment levels in the event of large asymmetric shocks. It will start in the form of back-to-back loans under the EU budget of up to EUR 30 billion, coupled with financial assistance to Member States to cover interest costs.