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