The European Union (EU) Economic Commissioner Paolo Gentiloni said in an interview with Der Spiegel, the aid worth EUR1.5 trillion could be necessary to tackle COVID-19 crisis.
He noted: “The Eurogroup has now made proposals for aid worth more than €500 billion to finance healthcare and short-time work and to help small and medium-sized companies. That leaves at least one trillion euros. This is roughly the amount we need to be dealing with now.”
On Friday, Gentiloni said that he was in favor of mutualizing debt, even if not all EU member states currently agree.
He also called for a coordinated approach to reopening borders within the EU.
EUR/USD implications
EUR/USD risks a bigger drop as Eurozone stands divided on coronabonds. At the time of writing, the spot trades 0.08% lower at 1.0865.
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