Germany and France have proposed the creation of a fund of 500 billion euros to support the recovery of the EU's coronavirus-stricken economies. The money would be dispersed in the form of grants rather than loans.
. The 500 billion euros would be raised through EU-backed bonds and be used to help industries and regions hardest hit by the pandemic.
The money from the recovery fund would be dispersed in the form of grants rather than loans, and repayments would be made from the EU budget over a roughly 20-year period. The question of whether to support Europe's struggling economies through grants or loans has unearthed an underlying rift between the bloc's northern and southern countries.
Macron acknowledged that a deal between Germany and France doesn't represent an"agreement between all 27 member states," but he said that there won't be an EU agreement if Germany and France"don't agree on a deal first."that the plan"acknowledges the scope and the size of the economic challenge" that Europe faces.
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