The Eurogroup: The Economic Recovery Fund is the first step in the European Financial Union

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The Eurogroup president, Mario Centeno, said that the German-French proposal for an economic recovery fund is a step towards a European financial union and a sound monetary union, even if the recovery fund is only temporary.
On Monday, the two countries announced the proposal to create a 500 billion euro fund to deal with the aftermath of the Corona virus pandemic.

In his statements to the German newspaper Welt am Sonntag, he stressed that this initiative is a brave step in the right direction to overcome this crisis.

The proposal aims to provide grants to regions and economic sectors most affected by the Corona virus pandemic, by borrowing money from the European Commission on behalf of the European Union as a whole and then spending it together with the EU budget 2021-2027, which is already close to a trillion euros over that period.

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