It took a courtroom of scarlet-robed judges to spur Angela Merkel to make one of her boldest moves in 15 years as German chancellor: propose huge cash handouts to the European Union's weaker economies.
BRUSSELS - It took a courtroom of scarlet-robed judges to spur Angela Merkel to make one of her boldest moves in 15 years as German chancellor: propose huge cash handouts to the European Union’s weaker economies.
But it was Germany’s own Constitutional Court that tipped her hand, sources said. Its bombshell ruling on May 5 challenged the EU’s reliance on European Central Bank money-printing to keep its weaker members’ economies afloat - and the EU’s governance. A series of video calls between Merkel and Macron led to a plan for the European Commission, the EU executive, to borrow 500 billion euros as common debt and transfer it to the regions and industries hit hardest.Diplomats in Brussels, Paris and Berlin familiar with the discussions said Merkel had dropped Germany’s long-held opposition to mutualising debt to fund other member states - when it became clear the EU itself was in peril.
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