France and Germany are offering a €500 billion European economic fund to be distributed to the EU countries most affected by Covid-19.
On Monday, French President Emmanuel Macron and German Chancellor Angela Merkel agreed that the funds should be provided in the form of grants and not loands – this is significant for Ireland especially.
The proposal represents a significant change in Ms Merkel’s position who initially did not want such a fund.
Macron said that it was a major step forward and was “what the eurozone needs to remain united”.
“I believe this is a very deep transformation and that’s what the European Union and the single market needed to remain coherent,” Mr Macron said following discussions via video link.
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