Italy is set to propose a European guarantee scheme aimed at unlocking up to €200 billion ($216.48 billion) in investments for the defense and aerospace industries, according to sources cited by Reuters.
Economy Minister Giancarlo Giorgetti will present the plan during a meeting of European Union (EU) finance ministers in Brussels later on Monday.
The EU is currently exploring strategies to bolster defense spending, including joint borrowing, EU funds, and an expanded role for the European Investment Bank (EIB). Key decisions on the matter are expected by June.
Market Reaction
At press time, the EUR/USD pair is up 0.09%, trading at 1.0845.
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