The €750 billion coronavirus recovery fund the European Union is discussing has geopolitical value as it can further boost European integration, Spanish Foreign Minister Arancha Gonzalez told RTBF on Monday. Gonzalez noted that working together is essential so that the EU would not "be caught between the US and China" and put itself in a situation where it would have no say in international relations.
The minister also pointed out that part of the economic value of the fund lays in the fact that the EU will take out a joint loan. "Germany will contribute 20%. Spain will contribute 9%, the Netherlands 6%. It’s not like the Netherlands will be donating to other European countries, like Spain or France, it’s a joint loan. This plan is an effort from everyone for the benefit of everyone."
The EU is still negotiating the details of its recovery plan as European Council President Charles Michel said a lot remains to be done. Meanwhile, German Finance Minister Olaf Scholz said that talks on the fund could take a while.
