Ms Fiona Ralph:

No. That is not the case here. The other way this is done is that the guarantee is featured in the headroom of the EU budget. There is the agreed budget, then slightly above that are the multi-annual financial framework ceilings and above them again is the own-resources ceiling. The own-resources ceiling is set in current legislation at 1.4% of EU GNI with an additional 0.6 percentage points to cover Next Generation EU specifically that can be called in from all member states in a given year in the extremely unlikely event of a default.