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

Dhwani Mehta FXStreet

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.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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