THE EUROPEAN UNION AND THE FINANCING OF MEASURES TO ADDRESS THE CRISIS OF THE COVID-19

The consequences of the pandemic have forced the European Union to react quickly and it has developed several actions in order to mitigate its effects. First, it has supported the economic response implemented by the Member States and has activated its own financial measures derived from the Union budget and from those bodies that are part of the galaxy of funds and instruments that are not directly linked to their institutions. Secondly, given the intensity of the crisis, the Union has adopted instruments that, although being transitory and temporary, represent a Copernican shift in the way it is funded, since it requires financing in the capital markets. The volume of the debt that will be assumed diverges from the traditional budgetary rigor, imposes a deep review of the Multiannual Financial Framework, for the period 2021-2027, and requires the implementation of new own resources that will generate enough income to repay the debt acquired.