To ensure the recovery is sustainable, even, inclusive and fair for all Member States, the European Commission is proposing to create a new recovery instrument, Next Generation EU, that will be embedded within a powerful, modern and revamped long-term EU budget. Next Generation EU will raise money by temporarily lifting the own resources ceiling to 2.00% of EU Gross National Income, allowing the Commission to use its strong credit rating to borrow €750 billion on the financial markets. This additional funding will be channelled through EU programmes and repaid over a long period of time throughout future EU budgets – not before 2028 and not after 2058. To help do this in a fair and shared way, the Commission proposes a number of new own resources. In addition, in order to make funds available as soon as possible to respond to the most pressing needs, the Commission proposes to amend the current multiannual financial framework 2014-2020 to make an additional €11.5 billion in funding available already in 2020. A key pillar of the proposal is the new Recovery and Resilience Facility, which will be embedded in the European Semester and will offer up to €560 billion of financial support (up to €310 billion in grants and up to €250 billion in loans) for investments and reforms, linking these to the EU priorities. Support will be available to all Member States but concentrated on the most affected and where resilience needs are the greatest. This financing as well as targeted reinforcements to the long-term EU budget for 2021-2027 will bring the total financial firepower of the EU budget to €1.85 trillion. By harnessing the full potential of the EU budget, the Commission aims to protect lives and livelihoods, repair the Single Market, and build a lasting and prosperous recovery.