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Statement by Klaus Regling on Franco-German proposal of 18 May 2020

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The ESM strongly supports the Franco-German proposal as part of a convincing response to the Covid-19 crisis


“I very much welcome the Franco-German proposal of a €500 billion recovery fund. It would support a sustainable recovery from the coronavirus crisis in Europe”, Klaus Regling, Managing Director of the European Stability Mechanism (ESM) said. “I have consistently supported the idea that some transfers are required to counter the economic damage caused by the crisis and that the only way to provide those transfers is through the EU budget. If implemented, the Franco-German proposal will be a major building block in the European response to the crisis and it will protect the single market as well as the Economic and Monetary Union. It would complement the other European responses that are already agreed: safety nets for citizens, for businesses and for sovereigns via SURE by the European Commission, a guarantee programme by the European Investment Bank and ESM Pandemic Crisis Support. Importantly, financing from the European institutions will mainly help countries that are most affected by the crisis. The two European packages are also complementary in terms of timing: the ESM Pandemic Crisis Support can be used by all euro member states as of now. Also the European Commission’s SURE programme and soon the EIB guarantees will be available very shortly”.


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