Germany’s Angela Merkel and France’s Emmanuel Macron have propesed a €500 billion European coronavirus reconstruction plan. The aim is the recovery fund that should give grants, not loans to EU member states.
Germany’s Angela Merkel and France’s Emmanuel Macron have propesed a €500 billion European coronavirus reconstruction plan. The aim is the recovery fund that should give grants, not loans to EU member states.
Merkel Highlights
- We need a European recovery fund, Germany and France discussed this today
- We must act in the European way so that we all get out of this crisis well
- Goal is that Europe comes out of crisis stronger
- The recovery fund that should give grants, not loans to member states Fund must be in line with EU law
- There is a possibility of EU treaty changes in the longer run, but now it’s about agreeing on a short-term measures
- It is crucial that EU bonds will be paid back via EU budget, national parliaments will have to give green light
Macron Highlights
- Call for EU public health sovereignty, say objective should be to develop vaccine within EU over the short term
- Jointly called for increase of European budget over 1st few years
- Call for ambitious, temporary and targeted recovery fund within MFF Propose to authorize
- European commission to find recovery by borrowing through financial markets in the EU’s name
- Recovery fund should be given €500 billion for EU grants to go to hardest hit sectors and regions
- Recovery fund will be integrated in decision on EU’s own resources with clearly identified volume and expiry date
- A quick EU agreement on MFF, recovery fund is necessary
- This recovery plan will be supported by commitments from member states to undertake healthy economic policies and reform program
From The TradersCommunity News Desk