German chancellor Angela Merkel and French president Emmanuel Macron proposed on Monday (18 May) a recovery fund of €500bn to support the sectors and regions in the EU most affected by the coronavirus crisis.
The initiative suggests giving the European Commission the authority to borrow money on financial markets in the European Union's name - while respecting the treaties and budgetary controls.
However, Macron insisted that the recovery fund would be made available in the form o...
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Elena is EUobserver's editor-in-chief. She is from Spain and has studied journalism and new media in Spanish and Belgian universities. Previously she worked on European affairs at VoteWatch Europe and the Spanish news agency EFE.