German Chancellor Angela Merkel and French President Emmanuel Macron against the backdrop of the coronavirus pandemic prepared a plan to save Europe.
The joint initiative involves the creation of a EUR 500 billion recovery fund for the European economy, Spiegel reports citing a document adopted by the governments of both republics.
It says that the purpose of the fund is to support the most affected sectors of the economy and regions at the expense of the EU budget in accordance with European priorities. In this case, first of all, investments should be directed to environmental issues and the development of digital technologies.
It is noted that the assistance of the fund will be available for some time. The program should be unanimously approved by all EU countries.
According to Merkel, the joint onslaught of France and Germany will ensure unity within the EU. She added that, in the current context, the integrity of the association is at risk, as the pandemic has had varying degrees of negative impact on the Member States.
In late April, the European Commission also prepared a plan for two trillion euros to bring the EU out of the economic crisis amid a pandemic.