French president Emmanuel Macron and his allies repeatedly used the word “historic” in describing the €750 billion recovery fund agreed by the EU Council early on Tuesday. “The recovery fund founded on European solidarity is a historic change in Europe and our euro zone,” Mr Macron said in an early morning press conference with German chancellor Angela Merkel. The portion of repayable debts in the recovery fund was raised from €250 billion to €360 billion. “The frugals have different political sensitivities,” Mr Macron said. Decision“I profoundly believe that this decision [on the recovery fund] is a turning point in the history of Europe,” Mr Michel, who conducted the negotiations, told France Info radio.

Source: The Irish Times July 21, 2020 15:44 UTC