EU Commission to propose EU budget worth €1.1 trillion – Reuters

Eren Sengezer FXStreet

The next EU budget proposed by the European Commission will be worth €1.1 trillion and will include the coronavirus recovery fund, Reuters reported on Wednesday, citing sources familiar with the matter.

Sources further told Reuters that the EU Commission will propose that Italy receives €82 billion in grants and €91 billion in loans under the recovery plan. Additionally, Spain will get €77 billion in grants and €63 billion in loans.

Market reaction

The EUR/USD pair stretched higher on this headline and was last seen gaining 0.32% on a daily basis at 1.1015.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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