Spain’s Gonzalez: EU recovery fund debt is not charity

The European Union (EU) joint borrowing to finance the recovery is not charity, Spanish Foreign Minister Arancha Gonzalez said in an interview with Belgian radio station RTBF on Monday.

Key quotes

“All the countries involved will contribute to reimbursing the debt, even northern countries dubbed frugal.”

"It is not like the Netherlands is providing charity to Spain or France."

The comments ahead of the July 17-18 EU leaders’ meeting to decide on the bloc’s long-term budget and coronavirus recovery fund.

Market reaction

EUR/USD is little changed by the above comments, keeping its range around 1.1330, up 0.30% on a daily basis.