German Chancellor Angela Merkel holds a joint video news conference with French President Emmanuel Macron in Berlin, Germany, May 18, 2020. - Reuters
THROUGHOUT the pandemic, eurozone governments have lagged behind the European Central Bank in charting a path out of the economic crisis. Germany and France have suddenly decided they want to lead the way.
Chancellor Angela Merkel and President Emmanuel Macron have tabled a joint plan that includes, among other items, a shared 500 billion-euro (US$543bil) “recovery fund” for the EU. Berlin and Paris are front-running the European Commission, which is meant to present its own proposal for the fund next week.
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