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EU Should Seek Joint Borrowing for Ukraine Impact, Official Says

  • Commissioner Lenarcic speaks in interview with Bloomberg
  • Lenarcic says internal reserves ‘don’t exist anymore’
European Union (EU) flags fly near the Europa building in Brussels, Belgium, on Tuesday, Feb. 9, 2021. Ukraine is working to introduce more transparent regulation in the natural gas industry, where it also wants to strengthen links with the European Union.
European Union (EU) flags fly near the Europa building in Brussels, Belgium, on Tuesday, Feb. 9, 2021. Ukraine is working to introduce more transparent regulation in the natural gas industry, where it also wants to strengthen links with the European Union.Photographer: Geert Vanden Wijngaert/Bloomberg

The European Union should seek more resources to face the fallout from Russia’s invasion of Ukraine and a host of growing domestic emergencies and global crises, a senior official of the bloc said.

Janez Lenarcic, commissioner for crisis management, said that options include a new joint borrowing scheme, similar to the bloc’s response to the Covid-19 pandemic, or setting up a trust fund.