A step by step approach is part of the DNA of European integration. Even if temporary, this De/Fr proposal is a big step towards a fiscal union & a properly EMU. All Europeans benefit from such tighter integration.

Interview @welt @WELTAMSONNTAG
(in eng) https://europa.eu/!Ck39UN 

Too soon to talk about distribution of funds for the recovery. Most affected countries should be the focus. The split of costs between the national and EU level must ensure an adequate response in every country and, at the same time, an even response across Europe.

A health crisis mustn't lead to the destruction of European social models. We will need investments in digitization, climate, & this will imply some reforms. But it does not mean pro-cyclical policies like the ones we had in the sovereign debt crisis. That would be out of place.

It would be good if we find an agreement on main features of the Recovery Fund before the summer, to provide assurance to our citizens, companies and the markets, and add to the credibility of the EU response. It will be a very difficult negotiation at the EU Council.

Recent forecasts don’t reflect €billions f/ reconstruction funds or frontloading EU budget. This enormous stimulus will accelerate recovery. Not all countries have Germany’s firepower but by the end of 2022, most - if not all - EU countries should return to 2019 GDP levels.