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The European Union's recovery borrowing ceiling is 750 billion euro in 2018 prices and its envelope is 806.9 billion in current prices, and the two are not the same quantity
| Élément | Figure | Basis and provision |
|---|---|---|
| Borrowing ceiling | 750,000 million euro | 2018 prices, own resources decision Article 5(1)(a) and the recovery instrument regulation Article 2(1) |
| Of which loans | up to 360,000 million euro | 2018 prices, Article 5(1)(b) |
| Of which expenditure | up to 390,000 million euro | 2018 prices, same |
| That expenditure split further | 384,400 million euro of support plus 5,600 million of guarantee provisioning | recovery instrument regulation Article 2(2) |
| Envelope quoted in investor materials | 806.9 billion euro, of which 637 billion | current prices, as set out in 2021 |
| No new net borrowing after | 2026 | Article 5(1), third subparagraph |
| Full repayment by | 31 December 2058 | Article 5(2) |
| Annual principal repayment cap | not above 7.5 per cent of the 390,000 million expenditure maximum, that is 29,250 million euro, derived | 2018 prices, Article 5(2) |
| Own resources ceilings | 1.40 per cent of national income for payments and 1.46 per cent for commitments | Article 3 |
| Temporary increase | 0.6 percentage points | Article 6 |
The two price bases are kept strictly apart here and are never merged. A figure in 2018 prices and a figure in current prices for the same programme differ by whatever inflation occurred, and no document opened publishes a conversion between them.
The legal ceiling is expressed in 2018 prices with a loans and expenditure split. The envelope quoted in investor materials is in current prices. Bonds outstanding reached about 792 billion euro and bills about 45 billion by July 2026.
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