Impact of rising EU borrowing costs on the 2024 budget

by name voted on 10.05.2023

Summary

The European Parliament warns that rising interest rates are increasing the cost of repaying the EU's recovery debt, threatening funds for key programs like Erasmus+. It calls for an urgent revision of the long-term budget to ensure these costs don't force cuts elsewhere.

9 10.05.2023

Other

budget

finance

european union

public finance and budget policy

Key points

Rising interest rates are making the EU's recovery debt significantly more expensive to repay than originally planned.
Current interest rates have risen to over 3%, far exceeding the original budget forecast of a maximum 1.15%.
Higher repayment costs threaten to drain funds intended for major programs like Erasmus+, EU4Health, and Creative Europe.
Without urgent action, the EU may struggle to fund new priorities, such as the European Chips Act.

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PPE

S&D

Renew

Verts/ALE

ECR

The Left

Total

Speeches

39 Speeches in total

Pro

Contra

Mick WALLACE

The Left

1:05 min

13. Impact on the 2024 EU budget of increasing European Union Recovery Instrument borrowing costs – Own resources: a new start for EU finances, a new start for Europe (debate)

Andor DELI

1:21 min

13. Impact on the 2024 EU budget of increasing European Union Recovery Instrument borrowing costs – Own resources: a new start for EU finances, a new start for Europe (debate)

Documents (PDFs)

REPORT on the impact on the 2024 EU budget of increasing European Union Recovery Instrument borrowing costs Impact on the 2024 EU budget of increasing European Union Recovery Instrument borrowing costs

These raw data are provided by the Open Data Portal of the European Union (data.europa.eu) and are licensed under ODC-BY 1.0.

⚠ Impact of rising EU borrowing costs on the 2024 budget

Summary

Key points

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Vote

Speeches

39 Speeches in total

Impact of rising EU borrowing costs on the 2024 budget