May 18, 2020 / 3:35 PM / 10 days ago

Franco-German initiative on fund is major step forward - Macron

PARIS, May 18 (Reuters) - A Franco-German initiative to set up a 500 billion euros ($544.75 billion) Recovery Fund able to offer grants to the countries and regions hardest hit by the coronavirus crisis is a major step forward, French President Emmanuel Macron said on Monday. Macron also told reporters during a joint video conference with German Chancellor Angela Merkel that for the first time, France and Germany had proposed for the European Union to raise debt jointly. ($1 = 0.9179 euros) (Reporting by Michel Rose; Writing by Matthieu Protard; Editing by Alison Williams)

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