Dermot Hodson is Professor of Political Economy and Digital Technologies at Loughborough University London.David Howarth is full Professor of Political Science: European Union Studies at the University of Luxembourg.Lukas Spielberger is a Post-Doctoral Researcher at the Centre for Security, Diplomacy, and Strategy (CSDS) of the Brussels School of Governance.Iacopo Mugnai is an Honorary Research Fellow at the University of Warwick.

• 1: Introduction: How the EU Came to Issue Debt on the Scale of a Large State 2: Theorizing the EU as a Sovereign-Style Borrower 3: The European Community's First Borrowing Instruments (1954-69) 4: The Rise and Fall of Commission Borrowing: From the First Oil Shock to the Maastricht Treaty 5: The Euro Crisis and New Borrowing Instruments 6: The EIB: How the EU Created the World's Largest Multilateral Lender 7: Borrowing and Third Countries 8: Borrowing Before and After the COVID-19 Pandemic 9: The Commission's Accountability as a Borrower 10: The Accountability of the EIB, EBRD, and ESM 11: Conclusion: The Future of the EU as a Sovereign-Style Borrower

Dermot Hodson is Professor of Political Economy and Digital Technologies at Loughborough University London.David Howarth is full Professor of Political Science: European Union Studies at the University of Luxembourg.Lukas Spielberger is a Post-Doctoral Researcher at the Centre for Security, Diplomacy, and Strategy (CSDS) of the Brussels School of Governance.Iacopo Mugnai is an Honorary Research Fellow at the University of Warwick.

• 1: Introduction: How the EU Came to Issue Debt on the Scale of a Large State 2: Theorizing the EU as a Sovereign-Style Borrower 3: The European Community's First Borrowing Instruments (1954-69) 4: The Rise and Fall of Commission Borrowing: From the First Oil Shock to the Maastricht Treaty 5: The Euro Crisis and New Borrowing Instruments 6: The EIB: How the EU Created the World's Largest Multilateral Lender 7: Borrowing and Third Countries 8: Borrowing Before and After the COVID-19 Pandemic 9: The Commission's Accountability as a Borrower 10: The Accountability of the EIB, EBRD, and ESM 11: Conclusion: The Future of the EU as a Sovereign-Style Borrower

Dermot Hodson is Professor of Political Economy and Digital Technologies at Loughborough University London.David Howarth is full Professor of Political Science: European Union Studies at the University of Luxembourg.Lukas Spielberger is a Post-Doctoral Researcher at the Centre for Security, Diplomacy, and Strategy (CSDS) of the Brussels School of Governance.Iacopo Mugnai is an Honorary Research Fellow at the University of Warwick.

• 1: Introduction: How the EU Came to Issue Debt on the Scale of a Large State 2: Theorizing the EU as a Sovereign-Style Borrower 3: The European Community's First Borrowing Instruments (1954-69) 4: The Rise and Fall of Commission Borrowing: From the First Oil Shock to the Maastricht Treaty 5: The Euro Crisis and New Borrowing Instruments 6: The EIB: How the EU Created the World's Largest Multilateral Lender 7: Borrowing and Third Countries 8: Borrowing Before and After the COVID-19 Pandemic 9: The Commission's Accountability as a Borrower 10: The Accountability of the EIB, EBRD, and ESM 11: Conclusion: The Future of the EU as a Sovereign-Style Borrower