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Coronavirus: France and Germany propose €500bn recovery fund

France and Germany are proposing a €500bn ($545bn; £448bn) European recovery fund to be distributed to EU countries worst affected by Covid-19.

In talks on Monday, French President Emmanuel Macron and German Chancellor Angela Merkel agreed that the funds should be provided as grants.

The proposal represents a significant shift in Mrs Merkel’s position.

Mr Macron said 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.

Source: BBC

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