EU grants would not count towards Italy's hefty debt pile, which investors have worried may become unsustainable should Rome be liable for its coronavirus stimulus spending in full.Eurogroup chief Mario Centeno said the Franco-German recovery fund plan would be a good step towards a fiscal union of the bloc.
"The headlines from the Commission should remain promising for the periphery... but the counter-initiative from the"Frugal Four" underscores that reaching unanimity about the details of"how to fund it" remains an uphill struggle into the EU summit later in June", Commerzbank analysts told clients. Bond yields in the bloc were relatively stable on Monday, with Italy's 10-year yield at 1.60 per cent, just off six-week lows hit on Friday, and safe-haven German 10-year yields were down 1 basis point at -0.50 per cent.
The market was awaiting the German Ifo business climate index survey, due out at 0800 GMT, which is expected to show a moderately improved reading compared to April's release, according to a Reuters poll.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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