Half of this amount would be made available in the short term and the rest would come from a new recovery stimulus fund, which France had fixed as a prerequisite for its approval of the global package.
Although the details of the fund remain to be negotiated over the next few months, Le Maire said the final agreement implied that it would be financed by a common debt because there was no other way to finance economic reconstruction long-term.
“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.