NextGenerationEU: will the Debt be Repaid by EU Own Resources or Member State Taxpayers?

NextGenerationEU is heralded as a constitutional moment. Of course, the significant amount of borrowing will have to be repaid. NextGenerationEU places the Member States, and their taxpayers, as the underwriters responsible for repayment unless the EU can raise new own resources. The article explores the legal construction in relation to repayment. What becomes clear, through a review of the proposals which are heavily reliant on taxation, is that the EU is a long way off implementing and receiving sufficient new own resources revenue to repay the debt. The design of NextGenerationEU means that there are competing priorities and the success of some objectives are contingent on the failure of others. The article suggests that without considerable recourse to differentiated integration, recourse to Member State taxpayers will be necessary. Ultimately, the potential for a uniform fiscal constitution is reliant on differentiation.