"The Eurozone was already in a fragile condition when the coronavirus pandemic struck, so at the instigation of France and Germany, a major €750 billion support and recovery fund was established by the EU to tackle the challenges posed by the pandemic. €390 billion of this stimulus package, which is known as the Next Generation EU programme, is made up of grants, with the remainder (€360 billion) comprised of loans extended on very favourable terms. This €750 billion will be added to the total budget for the next seven-year cycle (the standard Multiannual Financing Framework, or MFF), which amounts to some €1,074 billion."