According to Bloomberg, the EU should access a little-used €80B rescue fund to support Ukraine’s war against Russia as the flow of money from both sides of the Atlantic threatens to dry up, according to Finland’s Olli Rehn.
Established by the Finnish central banker to provide loans to distressed euro-area countries when he was EU economic affairs commissioner, the European Stability Mechanism could be at the center of a multi-year Plan B to assist Kyiv, he said.
Sourcing funds quickly is essential to contain Russian President Putin’s “threat and imperialist aspirations,” Rehn said.
US lawmakers have abandoned efforts to reach a deal this year on more than $60B in fresh assistance and talks on the EU’s €50B package have been pushed into February.