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Germany, France propose EU economic recovery fund

France and Germany called on Monday for the creation of a 500 billion euro ($543 billion) Recovery Fund able to offer grants to the countries and regions hardest hit by the coronavirus crisis. In a joint statement, Paris and Berlin also said they were proposing to authorise the European Commission to borrow money on financial markets in the European Union's name.

AP ECONOMY
Published May 18,2020
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GERMANY, FRANCE PROPOSE EU ECONOMIC RECOVERY FUND

The leaders of Germany and France are jointly proposing a 500-million-euro ($543-million) recovery fund for European economies hit by pandemic.

In a joint statement Monday, German Chancellor Angela Merkel and French President Emmanuel Macron said the proposed fund would see European Union budget expenditure used to help sectors and regions that are particularly affected by the outbreak.