Brussels, May 27 (RHC)-- The European Commission has proposed borrowing $8.49 bn on financial markets to fund extra spending on vaccines, drugs and healthcare over the next four years and reduce its dependency on foreign supplies.

The plan, which requires approval from EU member governments and lawmakers, would complement a $2.6 bn emergency fund which could also be deployed to address medical shortages in the bloc highlighted by the COVID-19 pandemic.

"Europe should strive to strengthen its strategic autonomy by reducing excessive import dependence for the most-needed goods and services such as medical products and pharmaceuticals," an EU document published on Wednesday said.