The €800bn Next Generation EU fund – set up to help finance Europe’s recovery from the economic damage of the Covid-19 pandemic – has been operating since last June. How is its lending schedule and debt management office-like funding programme going? How has its market-changing green bond programme progressed? Who is buying its bonds? How will it operate after 2026, when its initial mandate is complete? How does it compare to other European agency and sovereign borrowers? Might it help finance the eventual reconstruction of Ukraine? Siegfried Ruhl, Hors Classe Advisor at the European Commission's budget department, speaks to OMFIF CEO John Orchard ahead of the conference on the NGEU in Singapore.