Such reforms could help give the Stability and Growth Pact credible, transparent and binding rules, combining ﬂexibility and solidity. 6/13  Unfortunately, the national statistics are now less meaningful inasmuch as they do not include new European-level borrowing for the Next Generation EU off-budget ﬁnancing instrument. This could give rise to the illusion that additional EU debt does not burden Member States.
Ultimately, however, this debt must likewise be serviced by Member States’ taxpayers.