EU's Gentiloni: Discussion of new EU joint borrowing unlikely to take place now

The European Union's (EU) investment in defence will require a more supportive framework of fiscal rules and potentially new tools at the European level, European Economic Commissioner Paolo Gentiloni said on Tuesday, per Reuters.

"The discussion of a new EU joint borrowing is unlikely to take place now," Gentiloni added. "The discussion will take place in a few weeks when we have a clearer view of the economic impact of this crisis."

Market reaction

These comments don't seem to be having a noticeable impact on market mood. As of writing, the Euro Stoxx 600 Index was up 0.5% on the day.