The European Union will agree to borrow billions of euros from financial markets this summer, a European official predicted Friday, despite ongoing differences over how to deal with the economic shock from Covid-19.
European countries have battled over a plan to raise 750 billion euros ($847 billion) in public markets since the European Commission, the executive arm of the EU, presented the idea in late May. Negotiations are ongoing, but some member states are still reluctant to take the unprecedented step, fearing taking too much risk for their own taxpayers.
However, speaking at a Goldman Sachs virtual conference on Friday, European Commissioner Paolo Gentiloni said he is “confident” that member states will bridge their differences.
The Italian said he hasn’t seen “any door slamming,” only “serious criticism.”
