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  • France's President Emmanuel Macron and Germany's Chancellor Angela Merkel during a joint video conference. May 20, 2020.

    France's President Emmanuel Macron and Germany's Chancellor Angela Merkel during a joint video conference. May 20, 2020. | Photo: Twitter/ @Elysee

Published 20 May 2020
Opinion

"Our goal is clear: Europe will face this crisis together," agreed Macron and Merkel In a joint video conference.

France and Germany on Wednesday presented a joint plan to create a 500 billion Euro recovery fund to help the European Union (EU) countries most affected by the pandemic.

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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.

"Our goal is clear: Europe will face this crisis together," agreed Macron and Merkel In a joint video conference.

According to Merkel, the proposal is "a unique effort, a short-term response to the crisis". Because of the unusual nature of the crisis we are choosing an unusual path.

"As our societies and economies slowly find their way out of the severe constraints of recent times, we continue to face extraordinary uncertainties," both stressed in a statement.

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