In the next few years, the European Union (EU)’s multiannual budget will be complemented by Next Generation EU, an €800bn+fund, established to address the devastating socio-economic damages caused by the Covid-19 pandemic. But how does NGEU work exactly? What is its legal structure and its financing and spending mechanisms? What impact does NGEU have on the EU as a whole? This book — which is opened by a Foreword by Eurogroup President Paschal Donohoe — answers these questions by contextualising the unprecedented political choice to empower the European Commission to issue common debt. As the book explains, NGEU opens the door to the completion of Europe’s Economic & Monetary Union, by endowing it with a real fiscal capacity, and as such represents an historical turning point in the process of European integration. At the same time, the future of NGEU will depend on its successful implementation, particularly in the member states which are receiving the most funding from the facility. This is the reason why this book is written in Italian, as Italy alone will receive almost 1/3 of the total NGEU budget — and thus has a key responsibility in implementing it successfully.