Rebuilding the economy: Lagarde praises Franco-German plan

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The European economy is expected to use 500 billion euros to fight a recession that is emerging from the coronavirus pandemic. That is what a German-French plan provides for. Praise for this comes from the Spanish government and also from the ECB.

The head of the European Central Bank, Christine Lagarde, welcomed the Franco-German proposal for a reconstruction fund against the economic consequences of the corona crisis. He was “ambitious, targeted and welcome,” said Lagarde in an interview with four European daily newspapers. The Spanish government also viewed the Franco-German initiative positively.

“This testifies to the spirit of solidarity and responsibility,” which Chancellor Angela Merkel (CDU) recently mentioned, said the ECB president about the Franco-German proposal. There could be “no strengthening of financial solidarity without greater coordination of decisions at European level”.

“Important step”

The Spanish government described the proposal as “an important step in the right direction”. The Franco-German initiative “takes up an important part of Spain’s proposals for a rapid and uniform way out of the crisis”, said the government’s Prime Minister Pedro Sánchez’s statement.

Germany and France presented a plan on Monday to fight the deep recession in the EU with the Corona pandemic with 500 billion euros. Unlike previous measures, this is not about loans, but about non-repayable grants from the EU budget for the countries most affected.

States like the Netherlands or Austria reject this and only want to grant loans. Countries such as France, Italy and Spain, on the other hand, insist on such transfer payments in order not to further increase their already large indebtedness.

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