EU Commission: National plans to spend covid recovery funds lack detail, need to be improved – Reuters

The European Commission has warned some preliminary national plans to spend the covid recovery money lack detail and need to be improved, Reuters reports, citing sources with knowledge of the matter.

Additional takeaways

“Commission has said those countries yet to submit their plans must speed up before the end-April deadline.”

“EU commission has said the net paying countries would reject plans if not accompanied by reforms.”

This comes after Bloomberg reported earlier today that the Commission is set to unveil a blueprint, which will outline how the European Union (EU) can strengthen the internationalization role of the euro and thereby reduce the dollar’s dominance.

Market reaction

EUR/USD was last seen trading at 1.2110, adding 0.30% on the day. The spot hit a daily high of 1.2119 and a day’s low at 1.2074.