@VMRConstancio There is a lot of ambigüity here. True, NGEU does not involve a direct joint and several liability of the member states--the guarantee is the EU budget, through an increase in the "headroom". In practice, the market does not see much difference. https://www.bruegel.org/blog-post/do-financial-markets-consider-european-common-debt-safe-asset

🐦🔗: https://n.respublicae.eu/lugaricano/status/1616118758011027476