Germany, France want to create stronger European champions: Merkel

German Chancellor Angela Merkel holds a joint video news conference with French President Emmanuel Macron in Berlin, Germany, May 18, 2020. Kay Nietfeld/Pool via REUTERS

BERLIN (Reuters) - France and Germany are in favor of reforming the European Union’s merger and competition rules so that the bloc can create stronger European champions after the coronavirus crisis, Chancellor Angela Merkel said on Monday.

Speaking to reporters to present an Franco-German proposal for a European Recovery Fund worth 500 billion euros, Merkel said that in all, EU member states and the bloc’s executive would mobilize a combined sum of 3 trillion euros to cushion the economic impact of the coronavirus pandemic.

Reporting by Michael Nienaber, editing by Thomas Escritt