ECB Head Welcomes Proposal of France and Germany on EU Economic Recovery Fund

The proposal of France and Germany to create a crisis recovery fund in the amount of €500 billion is ambitious and, of course, is welcome, said ECB head Christine Lagarde in an interview with Les Echos, published on the regulator’s website.

Germany and France proposed creating a €500 billion fund to restore the European economy, German Chancellor Angela Merkel said at a joint press conference in video format with French President Emmanuel Macron. Earlier this proposal was welcomed by Head of the Council of the EU countries Charles Michel and Ursula von der Leyen. “Franco-German proposals are ambitious, targeted and, of course, are welcome,” she said.

Against the backdrop of the negative impact of coronavirus on the European economy, EU authorities have proposed the creation of a special fund for recovery from the crisis, which, as noted, may be associated with the currently developing joint multi-year EU budget for 2021-2027. The European Parliament recommended that the European Union provide such a fund with financing in the amount of two trillion euros.

In addition, EU countries have already approved a package of support for the economy of the union and the health system for 540 billion euros, consisting of a number of elements.

source: ec.europa.eu

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