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Germany, France propose 500 bil. euro fund

Germany, France propose 500 bil. euro fund”

Calling the proposal "courageous", she asserted Europe should come out of the crisis in a more cohesive and united way.

Putting aside past differences and seeking to prove that the Franco-German core of Europe remains intact, French President Emmanuel Macron and German Chancellor Angela Merkel announced the unprecedented package after talks by video conference. She said the current economic challenge "requires this unusual, one-off effort that Germany and France are now prepared to take".

In a joint videoconference with Macron on Monday, Merkel said the proposal was an initial response to the economic crisis resulting from the measures adopted across the continent to confront the spread of the virus, Efe news reported.

National parliaments will have their say on the proposal, which is also likely to run into strong resistance from fiscal hawks in the bloc. "We will be able to support the economic recovery in the countries most hit by the virus". "We expect the updated #MFF to reflect the new priorities rather than raising the ceiling", Austrian Chancellor Sebastian Kurz tweeted.

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EU's Dombrovskis says ESM strongly supports Franco-German recovery fund proposal.

And while deal does not guarantee the proposal will be fully accepted by the European Union, with France and Germany both on board, its main elements are expected to get through.

But Conte added in his Facebook post Monday evening: "To overcome the crisis and to help businesses and families, the #RecoveryFund needs to be broadened".

"We are convinced that it is not only fair but also necessary to now make available the funds. that we will then gradually repay through several future European budgets", Merkel said. The EU already spends money on projects such as transport and infrastructure that help member states integrate their economies through a budget that amounts to about 1% of GDP, leaving the vast bulk of government spending at the national level. But there will be some conditions attached to these grants from the recovery fund.



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