France suggested on Tuesday that a proposed European recovery fund would be more effective if it stands apart from the EU budget, even though that might be hard to stomach for some member countries such as Germany.
French Finance Minister Bruno Le Maire has sought to ease opposition in some northern countries such as Germany and the Netherlands to the joint issue of debt by proposing a temporary European recovery fund strictly focused on future investments.
“The standalone option merits being considered in its details because it seems to us to be more effective for raising debt quickly,” Le Maire told journalists on a conference call. German Chancellor Angela Merkel indicated on Monday willingness to finance economic recovery through a bigger European Union budget and the issuance of joint debt via the European Commission.
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