Germany, France propose 500 billion-euro recovery fund for EU

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Germany, France propose 500 billion-euro recovery fund for EU

May 19, 2020 14:00 IST

Germany and France jointly proposed a 500 billion-euro recovery fund on Monday to boost European economies hit by the coronavirus pandemic. In a joint statement, German Chancellor Angela Merkel and French President Emmanuel Macron said the fund would see European Union budget money used to help sectors and regions that are particularly affected by the outbreak.Macron said that under the proposal, the 27 EU countries would use their collective weight to borrow money on financial markets.

International