Italian PM Giuseppe Conte announced a proposal on the Recovery Fund in view of the EUCO

I'm told that it should be a "European Pandemic Support Scheme (EPSS)".

Here some elements https://twitter.com/davcarretta/status/1252602200595062784

EPSS would be a temporary instrument through which the Commission, under an implicit EU budget guarantee, would borrow in financial markets to finance back-to-back loans to Member States.

No mutualization of national outstanding debt.

To to increase the firepower of the EPSS, Member States will provide joint and several, unconditional and irrevocable guarantees to the EU that could be gradually substituted by a correspondent amount of own resources.

Under EPSS borrowing of the Commission and the corresponding back-to-back loans to Member States will have the longest possible maturity.

My understaning is that MSs guarantees to allow a quick kickoff of the Recovery Fund.

Conte said that the Italian proposal is under art. 122.2 of the Treaty.

This proposal could be important: it could signal the intention of Conte to negotiate pragmatically avoiding an ideological fight on Eurobond.