Germany and France have put their hands up in agreement to the support the €500bn Recovery Fund
The path ahead for getting approval is a rocky one though:
- will require unanimous support of the rest of the 27 EU members
If it gets that far:
- funds would be raised by the European Commission
- they'd borrow on capital markets
- then disburse the funds to nations as needed (provided as grants, not loans)
Giving the cash away, net lending it, is a sticking point, so far, for Austria, the Netherlands, Denmark, Sweden (and perhaps others).
Nevertheless, the support from the big two was enough to help risk along on Monday:
Is that €500 billion in your pack or are you just happy to see me?
