A €500bn recovery fund proposed by France and Germany as part of the fight against the coronavirus could see the European union emerge as one of the world's biggest nongovernment debt issuers, a prospect that has delighted DCM bankers.The EU is already set to embark on a big ramp-up in borrowing of up to €100bn to fund the bloc's SURE (Support to mitigate Unemployment Risks in an Emergency) initiative but now it would be used to channel funds to member countries to help the region recover from the crisis."They could potentially become one of the biggest issuers out there though clearly it all depends on whether this gets signed off or not," a senior DCM banker said.
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