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In an interview with the newspaper, Handelsblatt published Tuesday, European Commission Vice President Valdis Dombrovskis said the European Union could finance a recovery fund worth up to 1.5 trillion euros ($1.64 trillion) with bonds guaranteed by member states.    

Key quotes

I could imagine such a financial framework. But nothing has been decided yet.

The recovery fund could be financed with bonds backed by a guarantee from member states.

 Asked if the Commission was going to raise money on the markets for the fund, he said that needed to be discussed now and he expected it to be on the agenda on an upcoming video conference for EU leaders.

We’re not ruling out any option if the member states agree on it. As we all know, that doesn’t apply to eurobonds.

The EU finance ministers, the Eurogroup, last week agreed on a half a trillion euros worth of economic package to cushion the blow of the coronavirus pandemic.