France declares EU stimulus fund to be financed by joint debt

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“Who will raise the debt? There is a lot of uncertainty that remains to be determined. But I have the firm conviction that the fund will be launched and that there will be a debt raised jointly in a form which remains to be determined, “The Mayor said.

He added that the reference to the 15-hour negotiating document on innovative financial instruments opened the door to jointly issued debt for the first time.

“It means what it means. The only instrument that does not yet exist in European funding is the common debt, “said Le Maire.

Germany and France overcame Dutch opposition to the crisis plan during the marathon talks, but only by avoiding an explicit mention of the debt issued jointly in the final agreement.

(Report by Leigh Thomas and Gwenaelle Barzic; editing by Daniel Wallis)

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