EU Commission unveils plan to raise up to EUR800 billion to fund the recovery

The European Union (EU) Budget Commissioner Johannes Hahn unveiled on Wednesday, a strategy to raise up to EUR800 billion in debt for recovery fund, which is expected to be repaid by 2058.

Additional takeaways

“EU to use a diversified funding strategy to raise as much as EUR800 billion until 2026.”

“Borrowing to include green bonds, EU bills.”

“Borrowing to roughly average EUR150 billion per year, will be repaid by 2058.”

Market reaction

EUR/USD ignores the above announcement, as it remains at the mercy of the US dollar dynamics after the tame inflation report. ECB Lagarde’s and Fed Chair Powell’s speeches are eagerly awaited.

The spot was last seen trading at 1.1954, up 0.08% on the day.