Emmanuel Macron and Angela Merkel have formed a league to operate through a new shared debt instrument known as a 'coronabond' that they are pitching to the European Union, Merkel calls this an 'unnatural path' but is one she feels compelled to take with Macron.
Oh I know, all the headlines the past week or so around
Emmanuel Macron are full of doom and gloom, painting a picture where he has been rendered nearly powerless as
members of his own party desert him over his handling of the COVID-19 crisis. But don't count him out just yet, he has a few tricks left up his sleeve, including this huge coup he pulled off today. No sir, Emmanuel Macron didn't come all the way from 'his own place' just to let a little thing like failure stop him. He is very much alive in France, and very much still in the lead in the
Antichrist End Times Sweepstakes.
"And the ten horns out of this kingdom are ten kings that shall arise: and another shall rise after them; and he shall be diverse from the first, and he shall subdue three kings. And he shall speak great words against the most High, and shall wear out the saints of the most High, and think to change times and laws: and they shall be given into his hand until a time and times and the dividing of time." Daniel 7:24,25 (KJB)
This is exactly what I have expected him to do as he continues his rise to power in Europe and not just in France, I appreciate him not disappointing me. Getting Merkel to form a league with him is about as big a 'get' as you can have, considering the clout and the power she wields in Germany and within the EU as well. Take a look at the video below showing Merkel and Macron signing a 'friendship pact' back in 2019, you will find what you see there very illuminating.
Angela Merkel and Emmanuel Macron find new and 'unnatural path' to stave off trouble in Europe
FROM THE SYDNEY MORNING HERALD: The European Union would be allowed to raise joint debt under an unprecedented coronavirus recovery plan considered a political and fiscal no-go zone only two weeks ago. German Chancellor Angela Merkel and French President Emmanuel Macron announced the proposal on Monday in a bid to end divisions over how to help Europe recover from the worst recession in living memory and ease simmering tensions that have stoked doubts about the bloc's effectiveness and its long-term future.
It is the first time the two countries have floated a plan to raise joint debt under the EU name, and it represents a significant weakening of Germany's long-held hawkish fiscal views.
Already weighed down by high debt levels, hard-hit southern nations like Italy and Spain have been warning for months that they will struggle to rebuild their shattered economies unless the EU is able to offer more direct assistance and find a way to lower borrowing costs, possibly through a new shared debt instrument known as a 'coronabond'.
Northern countries including Germany have been strongly opposed to the idea, but in a surprise compromise on Monday, Merkel said she would support a new €500 billion ($837 billion) recovery fund that would hand money to Europe's worst-affected regions and industries.
Significantly, Merkel and Macron said the European Commission should borrow the €500 billion on the financial markets under the EU name – the first time Germany and France have proposed such an arrangement.
Angela Merkel told a joint virtual press conference with Emmanuel Macron that she had settled on an "unnatural path" because of the "unnatural nature" of the emergency.
In an attempt to convince sceptical northern countries to sign up, the recovery fund would differ from the original coronabond proposal in two ways. First, it would be distributed through the EU's annual budget, introducing some key curbs on the borrowing habits of some countries.
Secondly, while the €500 billion in new debt would be effectively backed by the annual financial contributions of member states to the EU, it would not be counted on the balance sheets of individual countries.
These two changes may make Merkel and Macron's proposal different enough from the original coronabond idea to encourage the agreement of all 27 member states needed to enact the plan.
The original 'coronabond' proposal would allow the EU to jointly raise debt, which would be shared across all member countries. Raising debt with the might of much healthier balance sheets in the north would drive down the individual borrowing costs for countries in the south, which are still highly leveraged following the global financial crisis and subsequent sovereign debt crisis. Some jointly issued debt was expected to feature in a soon-to-be-announced a €1.5- €2 trillion economic recovery package being developed by EU officials. However the share of joint debt making up the original package was expected to be more like €300 billion instead of the €500 billion now proposed by Merkel and Macron.
Merkel and Macron said European unity was essential. Some economists and foreign policy experts believe anti-euro sentiment in Italy and other countries – which has been fuelled by the EU's handling of the pandemic – could ultimately cause the block to disintegrate.
President of the European Council, Charles Michel, said the Franco-German plan was an attempt to find "common ground" and a "step in the right direction".
READ MORE
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German Chancellor Angela Merkel and French President Emmanuel Macron have offered a breakthrough deal to shield the EU from the virus fallout. The German and French plan will need the backing of the 27 members of the European Union.
Angela Merkel and Emmanuel Macron 2019 Sign Germany-France Friendship Treaty
In January of 2019, German Chancellor Angela Merkel and French President Emmanuel Macron signed a friendship treaty on Tuesday that recalls a historic pact the former enemies agreed to in 1963. The new accord was signed in the ancient western German city of Aachen, exactly 56 years after the Elysee Treaty that is considered a key moment in Franco-German relations.
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