Europe’s big two kiss and make up for pandemic rescue deal
Germany amazed the whole continent with last week’s stimulus package, but it paves the way for countries such as France to agree an effective coronavirus response
From champion of austerity to Europe’s biggest spender – Germany has travelled a long way in just a few months. The notoriously frugal ministry of finance has agreed to spend €130bn – a sum equal to 4% of national income – on more than 50 initiatives to promote growth across the country.
This breathtaking investment programme comes on top of the almost 30% of GDP the government has so far spent on rescuing businesses and protecting jobs during the coronavirus crisis.