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5/28/20

EU Recovery Plan: Angela Merkel takes her cue from Alexander Hamilton to overhaul the European Union

The EU would borrow the money and then hand it out to member states. And for the first time in EU history, two-thirds of the money handed out would be grants — not loans — that the recipient countries wouldn't have to repay.

In fact, though, this was German Chancellor Angela Merkel's moment. Nine days earlier, she had launched this quiet European revolution along with French President Emmanuel Macron.

Together they said their countries would put up Euro 500 billion in grants to help Italy and Spain climb out of the economic hole caused by COVID-19, the illness caused by the novel coronavirus. 

That sum is now the core of the announced EU program.
Spain's central bank forecast last month that the country's economy could contract by more than 12 per cent this year, and unemployment could surpass 21 per cent. It has lost more than 27,000

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Angela Merkel takes her cue from Alexander Hamilton to overhaul the European Union | CBC News

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