EU leaders exploring tools like specific funding for corona-related spending in budget

Leaders of nine EU countries including France, Italy and Spain are looking to explore tools like specific funding for corona-related spending in the EU budget, Reuters reported on Wednesday, citing an internal letter.

"We need to work on a common debt instrument issued by a European institution to raise funds on the market," the letter read. "This common debt instrument should have sufficient size and long maturity to be fully efficient and avoid roll-over risks now as in the future."

Market reaction

This headline failed to help major European equity indexes erase their losses. As of writing, the Euro Stoxx 50 was down 0.5% on the day and Germany's DAX was erasing 1.5%.