Italy plans to propose a European warranty program that can potentially call investments up to EUR 200 billion (216.48 billion dollars) in the defense and aviation industry according to Reuters, citing sources familiar with this matter.

Minister of Economy Giancarlo Giorgetti will present a plan at the meeting of European Union finance ministers later on Monday in Brussels.

The European Union (EU) is investigating ways to strengthen defense expenditure through joint loans, EU funds and an extended role for the European Investment Bank (EIB), and decisions expected until June.

Market reaction

In the press, the EUR/USD pair increased by 0.09% on the day to trade at 1.0845.