When the EU issued €20 billion, equivalent to $24 billion, of bonds on Tuesday to raise funds for a fiscal stimulus package, it excluded some of the world’s largest banks because of their participation in cartels in bond and currency markets in earlier years. The banks had been penalized for those actions in 2019 and 2021.
The EU expects to sell up to €60 billion of long-dated debt this year and €150 billion annually through 2026, and plans to use the funds to support member states’ economic recovery through a mix of grants and loans. The program, the first major pan-European debt program, will eventually raise around €800 billion over five years.https://www.wsj.com/articles/european-union-lifts-bond-sale-ban-for-some-banks-11624032927?st=sdfl0wx5i7g2h8u&reflink=article_copyURL_share
