German minister: Recovery Fund will strengthen EU

Germany's finance minister said on Tuesday that a 500 billion euro ($546.60 billion) Recovery Fund that Berlin and Paris have proposed would help Europe out of the crisis and strengthen it. The fund would offer grants to European Union regions and sectors hit hardest by the coronavirus pandemic.

"When the lockdown phase ends, we need to ensure that Europe recovers and that's why we've already discussed the need for a recovery fund - the discussion is ongoing and it's good for the necessary consensus in Europe that Germany and France are making a joint proposal on this issue," Olaf Scholz told reporters. "This new 500 billion euro fund will make it possible for Europe to grow out of the crisis together and become stronger - I think that's a very good message not only for the economy and jobs but also for the future of the European Union," he added. ($1 = 0.9147 euros)