Morgan Stanley | For the time being, the Fund is still only a proposal and there remains a wide divergence of views about the amount, duration, allocation, grants/loans etc. We assume that the final outcome will be in line with the Commission’s proposal: €750 Bn in joint issuance (500 Bn in grants and 250 Bn in loans). As regards to the use of the funds, the optimal scenario would be one where spending is applied via investment since it has a higher fiscal multiplier (vs for example a corporate tax cut or transfers).