In Totally Unexpected Move, Angela Merkel Forms A League With Emmanuel Macron For ‘Unnatural Path’ To Create Something Called A ‘Coronabond’

Secondly, while the €500 billion in new debt would be effectively backed by the annual financial contributions of member states to the EU, it would not be counted on the balance sheets of individual countries.

These two changes may make Merkel and Macron’s proposal different enough from the original coronabond idea to encourage the agreement of all 27 member states needed to enact the plan.

The original ‘coronabond’ proposal would allow the EU to jointly raise debt, which would be shared across all member countries. Raising debt with the might of much healthier balance sheets in the north would drive down the individual borrowing costs for countries in the south, which are still highly leveraged following the global financial crisis and subsequent sovereign debt crisis. Some jointly issued debt was expected to feature in a soon-to-be-announced a €1.5- €2 trillion economic recovery package being developed by EU officials. However the share of joint debt making up the original package was expected to be more like €300 billion instead of the €500 billion now proposed by Merkel and Macron.

Merkel and Macron said European unity was essential. Some economists and foreign policy experts believe anti-euro sentiment in Italy and other countries – which has been fuelled by the EU’s handling of the pandemic – could ultimately cause the block to disintegrate.

President of the European Council, Charles Michel, said the Franco-German plan was an attempt to find “common ground” and a “step in the right direction”. READ MORE

Angela Merkel and Emmanuel Macron Offer Deal to Shield EU From Virus Fallout

German Chancellor Angela Merkel and French President Emmanuel Macron have offered a breakthrough deal to shield the EU from the virus fallout. The German and French plan will need the backing of the 27 members of the European Union.

Angela Merkel and Emmanuel Macron 2019 Sign Germany-France Friendship Treaty

In January of 2019, German Chancellor Angela Merkel and French President Emmanuel Macron signed a friendship treaty on Tuesday that recalls a historic pact the former enemies agreed to in 1963. The new accord was signed in the ancient western German city of Aachen, exactly 56 years after the Elysee Treaty that is considered a key moment in Franco-German relations.

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