Euro zone bond yields held their ground on Thursday with investors' main focus expected to be any new developments on the European Union's recovery fund, which aims to help the region's economy recover from the coronavirus crisis.
AMSTERDAM - Euro zone bond yields held their ground on Thursday with investors’ main focus expected to be any new developments on the European Union’s recovery fund, which aims to help the region’s economy recover from the coronavirus crisis.
Hopes are high that the 750 billion euro fund will be approved at a European Union summit late next week. Designed to mostly offer grants to countries worst hit by the coronavirus, it has been one of the main drivers of a drop in Southern European borrowing costs led by Italy in the past few weeks. Euro zone finance ministers will meet at 1300 GMT to select their new leader, while German Chancellor Angela Merkel and Dutch Prime Minister Mark Rutte will give a joint news conference in Berlin at 1830 GMT.
“Instead, we stick to our expectation for a slow but inexorable grind towards a consensus relatively close to the Franco-German proposal,” they said, referring to an initial proposal which offered 500 billion euros in grants before the EU added 250 billion euros in loans to its plan.
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