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Thursday, 21 May 2020 14:09

Europe's Franco-German 'motor' sputters back to life

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President Emmanuel Macron and Chancellor Angela Merkel have jump-started the Franco-German "motor" at the heart of Europe by jointly pitching a hugely ambitious economic recovery plan, even if it faces a bumpy road ahead. As quoted by AFP.com (20/5) Macron and Merkel, whose relationship has been shadowed by disagreements on several key issues, on Monday put differences aside to propose a 500 billion euro ($546 billion) fund to help mend an economy devastated by the coronavirus pandemic. The plan marked a major move for both sides, with Germany seen to have moved round to the French view that more flexibility is needed to ensure all of Europe -- and not just the richer north -- can recover from the crisis. Under their plan, the fund will be financed by borrowing from the market in the name of the EU while the money given out will not have to be paid back//AFP

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