Franco-German recovery grants idea a ‘historic step’: Le Maire

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© Reuters. French PM holds presser over latest decisions on lifting of lockdown from Monday

BRUSSELS (Reuters) – The Franco-German idea that the should borrow to issue grants for its recovery is a historic step as it would be the first time that budget is financed through EU debt, French Finance Minister Bruno Le Maire said.

“This is a historic step for and and also a historic step for the whole European Union because it is the first time when France Germany stand together to have through debt for the spending of EU countries,” he said in a joint statement with his German counterpart.

France and Germany proposed on Monday a 500 billion euro fund, financed through European Commission borrowing on the , to issue grants to EU regions and sectors worst hit by the pandemic to help them recover.

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Source: Investing.com

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