The Irish Times carried an editorial opinion piece, citing European Economic Commissioner Paolo Gentiloni and Internal Market Commissioner Thierry Breton, calling for a joint borrowing to deal with the energy crisis.

The EU officials said that the new joint borrowing could be modeled on the joint debt issued during the COVID-19 pandemic to subsidize jobs that would have otherwise been lost.

Market reaction

At the time of writing, EUR/USD is trading at 0.9875, up 0.52% on the day. The shared currency fails to capitalize on the above headlines, retreating from daily highs of 0.9896.