On 18 May, German Chancellor Angela Merkel and French president Emmanuel Macron proposed the creation of a European rescue fund of €500 billion to support countries in the Union affected by the economic crisis brought on by the Covid-19 pandemic. Aside from a sticking point on the question of the mutualisation of debts, this proposal represents a true turning point, as Germany had at first rejected coronabonds. Opposing this stimulus plan, the “frugal four”, Sweden, Denmark, the Netherlands, and Austria, brought a counter-proposal on 23 May. 

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