The European Commission predicts that GDP in the 19 countries that use the euro will contract by 7.75% this year , a record. As EU leaders scramble to make more relief money available, the big question is whether the pandemic recovery fund should offer member states loans or grants. A breakthrough came last week when Germany and France proposed the creation of a recovery fund worth €500 billion ($549 billion). A 'very difficult negotiation'Negotiations will begin in earnest after the European Commission reveals its framework this week. European Commission President Ursula von der Leyen speaks during a plenary session of the European Parliament in Brussels on May 13.

Source: CNN May 26, 2020 15:22 UTC