Macron revives debate on rolling over EU pandemic debt

During a visit to Greece on Saturday, French President Emmanuel Macron called for delaying the repayment of debt incurred at European level in response to Covid.

In July 2025, the Commission proposed a budget for 2028-34 of almost €2 trillion, €165 billion of which is dedicated to debt repayments for the bloc’s pandemic recovery fund.

“We got into debt during the Covid crisis, and now we’re being told we have to pay it back quickly, it’s idiotic,” Macron said in a press conference with Greek Prime Minister Kyriakos Mitsotakis, recalling the need for more public and private investments in the EU.

According to Macron, there is “an appetite for European debt” among global investors. In an unpredictable geopolitical situation, he said, they want to reduce their risk with “an asset that is both safe and liquid,” like the European debt.