Economy

Merkel and Macron want European recovery fund of 500 billion euros

That is the outcome of a video meeting between German Chancellor Angela Merkel and French President Emmanuel Macron on Monday afternoon, reports German news agency DPA. According to the two European leaders, the plan was drawn up after consultation with the Netherlands and Italy, among others.

The money is intended for European regions most affected by the coronavirus outbreak and should become available in the short term. If it is up to Merkel and Macron, the emergency support does not have to be repaid.

‘Coming out of crisis in solidarity’

“The goal is to emerge from this crisis more strongly and in solidarity as Europe,” Merkel said. “That’s what this money is for. This extraordinary one-time effort is to support the hardest-hit countries.” The two also want the EU to develop its own vaccine against Covid-19.

Germany and France also want to see loans on behalf of the EU taken out on the capital markets. According to Macron, the 27 EU Member States should use their ‘joint weight’ to borrow money.

The Franco-German plan has yet to be approved by the other EU Member States.

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