France, Germany want 500 bln euro Recovery Fund, joint EU debt

France and Germany called on Monday for the creation of a 500 billion euro ($543 billion) Recovery Fund able to offer grants to the countries and regions hardest hit by the coronavirus crisis.

In a joint statement, Paris and Berlin also said they were proposing to authorise the European Commission to borrow money on financial markets in the European Union's name, while at the same time respecting EU treaties. ($1 = 0.9210 euros)