COVID-19: France, Germany Propose $542bn Recovery Plan For Europe
German Chancellor Angela Merkel listens during a joint press conference with French President Emmanuel Macron, who attends via video link, at the Chancellery in Berlin, Germany, on May 18, 2020 on the effects of the novel coronavirus COVID-19 pandemic.France and Germany proposed Monday a 500-billion-euro fund to finance the recovery of the European Union’s economy from the devastation wrought by the coronavirus crisis.
Financed by “borrowing from the market in the name of the EU,” the 500 billion euros will flow to the “worst-hit sectors and regions” in the 27-member bloc, the two countries said in a joint statement. The eurozone economy overall is forecast to contract by a whopping 7.7 percent this year, with the damage set to be most severe in southern members like Italy and Greece.The agreement of such borrowing marks a major shift by Germany, which has until now rebuffed calls by Spain and Italy for so-called “coronabonds” for joint borrowing on financial markets to provide stimulus cash.
In the first signs of cracks within the EU, Austria insisted that any help should be in the form of loans, not grants. European Commission chief Ursula von der Leyen, who would have to help implement the package, hailed the plan as a “constructive proposal.”Merkel said the seriousness of the crisis meant that “solidarity” must be the order of the day.
Paris wanted Germany to show more fiscal flexibility and some reports suggested Berlin was irritated by Macron grandstanding on the European stage.Macron said stronger European coordination on health issues must be a priority, admitting that the EU fell short in its initial response to the coronavirus outbreak.
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