This article seeks to offer a retrospective analysis of the NextGeneration EU package, agreed in principle by the European Council in the summer of 2020 and formally adopted in December of that year. Focusing on NextGen EU’s historical novelty and particularly Germany’s role as a surprising proponent, this article will also assess the prospects of future debt mutualisation within the EU. NextGen EU amounted to 750 billion euros and was designed to support states during the pandemic as public finances were stretched by increased spending needs as well as strained tax revenues. […]