Latest news with #jointborrowing
Bloomberg
4 days ago
- Business
- Bloomberg
EU Countries to Give Initial Verdict on Contentious Budget
Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. We're keen to hear your views on this newsletter. Please participate in our short survey. European Affairs ministers meet today in Brussels to share initial feedback on the Commission's contentious proposal for the EU's long-term budget. Germany swiftly rejected the plan unveiled on Wednesday, saying the €2 trillion headline figure was too high at a time when many nations are striving for fiscal consolidation. Speaking during a visit to London yesterday, Chancellor Friedrich Merz said the EU must do more with the money it has and rejected a proposed levy on companies, setting up a clash with Commission president and fellow German Christian Democrat Ursula von der Leyen. Another point of contention is likely to be a €400 billion crisis tool, set to be backed by joint borrowing — a controversial mechanism that has long met resistance from Berlin and like-minded fiscal hawks.
Bloomberg
5 days ago
- Business
- Bloomberg
EU Proposes Joint Borrowing to Finance €400 Billion Crisis Tool
The €400 billion ($463 billion) crisis tool proposed by the European Commission on Wednesday would be financed using joint borrowing, according to people familiar with the matter. The European Union's executive branch's new budget instrument for the period 2028-2034 would provide loans to countries so they can react faster to adverse events, said the people, speaking on the condition on anonymity. Brussels told member states that it would borrow money on their behalf to raise money for the instrument, they said.
