EU preparing legal case against AstraZeneca over COVID vaccine shortfalls – Bloomberg

The European Unions (EU) executive arm is preparing to take legal action by the end of the week against AstraZeneca Plc over its failure to deliver its promised number of doses to the bloc, Bloomberg reports, citing a diplomatic source and EU official on Thursday.

Key takeaways

“The action, which needs to be agreed by all member states, has been discussed for weeks by the blocs ambassadors.”

“Some governments arent fully on board with the legal maneuver.”

“Astra delivered just 30 million of its originally committed 120 million doses to the European Union in the first quarter.”

This comes after Politico reported on Wednesday, citing five unnamed sources, the European Commission is preparing to launch legal proceedings against the Aglo-Swedish drug maker.

Market reaction

Amid persistent US dollars weakness and falling Treasury yields, EUR/USD remains on the front foot heading into the ECB policy decision.

The spot was last seen trading at 1.2040, up 0.07% on the day.

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