After weeks of debate among EU leaders on what financial mechanisms should be used to rescue their economies, France's President Emmanuel Macron and Germany's Chancellor Angela Merkel proposed this agreement.
The two presidents requested that the European Commission be authorized to borrow money on behalf of the entire EU, and spend it in addition to the EU budget for 2021-2027.
The money from that fund would be given in the form of grants, not loans, as some countries requested earlier.
France et Allemagne unies pour une relance européenne face à la crise. Suivez en direct la conférence de presse commune du Président @EmmanuelMacron et de la Chancelière Angela Merkel.https://t.co/DTfTExozpP