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ShareMay 19, 2020Yesterday's deal between German Chancellor Angela Merkel and French President Emmanuel Macron on the € 500 billion recovery fund "to support recovery in Europe is a historic step for
France and Germany and also for the whole of the European Union, because for the first time France and Germany agree on joint debt financing on investments for European countries ", said Finance Minister of France, Brune Le Maire, in a joint video statement with his German counterpart, Olaf Scholz in view of today's Ecofin. This agreement has "two great consequences - continued Le Maire - for the first time we will be able to support the revival in the countries most affected by the crisis Covid-19 and thus we will avoid growing divergences between member countries. The second consequence is political: France and Germany strongly reaffirm the desire to have solidarity between states at the heart of European construction ".
The Franco-German proposal for a 550 billion European recovery fund "It is a great step forward and excellent news not only in economic and employment terms, but also for the future of the European Union". So the German finance minister, Olaf Scholz before Ecofin. After the lockdown "further progress is needed to ensure a recovery of the economy and it is good that Germany and France jointly present a proposal with these new 500 billion to allow Europe to get out of the crisis together and make it stronger". "After launching a large package of anti-crisis measures of 540 billion euros, we are now launching a new package for the recovery of another 500 billion. Together, it is a large amount of money that we will spend"
"The European Commission at work for the recovery plan and fund. An unprecedented crisis requires unprecedented responses. From France and Germany an important contribution in this direction ". The EU commissioner, Paolo Gentiloni wrote on Twitter.
Amendola pushes for agreement before the summer
"Italy together with other countries, gathering the strong impulse of the European Parliament, will work to increase the quality and resources to fight the recession". This was stated in an interview with La Stampa by the Minister for European Affairs, Vincenzo Amendola who also announces that the European Commission will shortly "publish the new economic forecasts and, precisely from those data, the need to support the European common market will appear clear and to avoid internal imbalances ", as indeed the ECB is doing in terms of monetary policy to protect the Eurozone. With the Recovery fund "we are finally talking about billions to be raised on the markets, destined for the sectors and geographic areas most affected. We want to reach an agreement in June that contains the possibility of a frontload", or "an advance of the funds before the summer, compared to a clear plan on their use ".
"It will be up to the Commission to make the proposal to be presented to the EU Council on the Recovery fund. The Franco-German proposal is certainly less ambitious than the proposal made by the EU Parliament which was going towards the thousand billion. France and Germany have decided to be more brave of others who slow down a lot, but reading the documents, there is a push oriented to protect the interests of these two countries ". "I think Italy must be more ambitious and make its voice heard. It won't be an easy political battle, but I think 500 billion is not enough, we need to do more. The EU must be more balanced, free traction -German is limiting. It is not all negative what was decided between the two, but it is very oriented to protect their interests. Italy must do its part, with less quarrels within the government and more courage in Europe".