A Joint German-French Initiative for European Economic Recovery

The COVID-19 outbreak and its subsequent lockdown have exponentially hammered the economic activity in the European Union. In order to contain the Coronavirus transmission, European countries were forced to block business activities and manufacturing operations that led to an inevitable sharp economic downturn. EU Commission’s forecast has stated that the bloc is facing the deepest recession since the Great Depression, with a 7.5% decline in the economic activity.

Significantly, European countries are working on reopening their economies to restart their businesses after several weeks of lockdown. Attempting to break the deadlock over rescuing the economy in the region, Germany and France jointly proposed the creation of a recovery fund worth €500 billion ($543 billion) to support the economic revival.  Read More...