EU mulls another round of joint bond issuance

The EU is considering more joint bond issuance, reportedly of around €200bn or 1.4% of EU GDP. If this is agreed, the devil will be in the detail and the amounts involved may fall short of some expectations. But it could cover much of the additional fiscal costs which we estimate that countries will incur due to the war. And the readiness of the EU to pool fiscal resources again would be very reassuring to investors.

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