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The European Commission will present the idea for the EU recovery fund in the next weeks, European Union (EU) Economic Commissioner Paolo Gentiloni said on Wednesday.

Gentiloni added that he is confident EU leaders will approve this proposal in June. “The EU Commission will present eligibility criteria for the ESM credit line to euro ministers this week, all countries will be eligible.”

Market reaction

The Euro Stoxx 50 index recovered modestly in the last hour and was last seen posting small daily gains at 2,875.55 points.