If a first key step has just been taken with this historic agreement which establishes a common debt and confirms the stimulus package of 750 billion euros, the question of repayment is far from being resolved. The painful delivery agreement lacks details on the terms. It must be said that the Twenty-Seven have less of a knife to their throats since the reimbursement will only intervene in a second phase - it will begin at the latest in 2027 - and over a long period before the end of 2058.
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On the financing side, the principle is simple: the European Commission will raise debt by taking advantage of very low interest rates, which represents a clear advantage for countries like Italy, which is already very indebted and in the eye of the cyclone of markets. Moreover, it is not certain that Brussels borrows 750 billion euros, it will depend on the loan requests formulated by each Member State. “ As with the European Stability Mechanism (ESM), countries might be reluctant to seek a
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