Bond investors cautiously cheered a proposal by the European Union to issue centrally backed bonds for the first time, a move that attempts to address financial divisions that have long plagued the eurozone. The European Commission, the bloc’s executive, on Wednesday proposed borrowing 750 billion euros ($821.6 billion) from capital markets to offer grants and loans to the most beleaguered nations following the coronavirus pandemic. The new program—which isn’t sure to secure the approval of all 27 EU members—could see the...

Source: Wall Street Journal May 27, 2020 18:00 UTC