The recovery fund proposed by France and Germany would be “an enormous step” forward, Lucas Guttenberg argues in the Politico Podcast “EU confidential”.
When Merkel and Macron presented their proposal for a €500 billion recovery fund including common debt last week, Lucas Guttenberg was surprised by the timing, not the content. “For the German economy the single market is a very important feature of the EU” he argues in Politico’s EU Confidential Podcast. Hence, to do whatever necessary to save the European economy is only logical for Europe’s export champion – be it an instrument for common debt. Even though Guttenberg is cautious to talk about a fiscal union already, the proposal shows a “shared understanding of France and Germany that this instrument is possible”.