Ms Fiona Ralph:

The Commission operates a unified funding strategy, which essentially means that rather than borrowing for each specific instrument, it does general EU borrowing and then passes it on to each EU instrument. It would have to be new borrowing in the sense that this is newly created and the money, as discussed before, does not come from the actual Union budget at all. It is coming from borrowing on the marketplace. When the Commission goes to the capital markets, it goes to seek EU bonds rather than SAFE bonds.