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For almost 15 years, the European Union (EU) has been facing periods of turbulence (subprime crisis in 2008, public finance crisis from 2010, health crisis since 2020). The European institutions have had to react by reconciling the constraints imposed by the Community budget with the need to intervene quickly and effectively at European level to deal with the economic crisis. For 2021- 2027, Community public intervention is characterised by innovative public intervention instruments which complement the multi-annual financial framework, namely the Next Generation EU recovery plan and the InvestEU programme, which are mainly financed by the European capital markets.