German Foreign Minister Heiko Maas said he’s “very confident” that the Franco-German Recovery Fund plan will get broad support from EU members. He added, “it is a first step to a European solution, we will have to discuss the details within Europe but we have agreed that we must find a solution quickly.”
Euro is apparently lifted by the development, in particular against Swiss Franc. Germany and France agreed to jointly propose the European Commission to borrow EUR 500B on behalf of the whole EU. It’s seen as a material step forward towards a joint fiscal capacity to support recovery out of the coronavirus pandemic. The Commission is expected to outline the proposal before the European summit on May 27.