EU Commission considering €100 billion for EU-funded short-time work scheme

The European Commission is planning to allocate €100 billion to the EU-funded short-time work scheme, which was announced by European Commission European President Ursula von der Leyen, an EU official told Reuters on Wednesday.

"The European Commission commission would borrow on the market against guarantees from EU countries, not against the budget," the official explained. "The short-term work scheme would be available to all EU countries."

Market reaction

The EUR/USD pair largely ignored these comments and was last seen trading at 1.0940, erasing 0.8% on a daily basis.