France, Germany plan billions in pandemic recovery spending

Europe is ramping up its recovery plan

FRANKFURT, Germany -- France and Germany together laid out plans for billions in spending from the European Union's pandemic recovery fund aimed at fighting climate change and boosting the use of digital technology across the economy. The finance ministers of the EU's two biggest economies on Tuesday underlined their joint determination to use the spending to transform Europe's economy and get the continent growing again as it lags behind the U.S. and China in rebounding from the pandemic recession. Under the fund's formula, France should get around 40 billion euros ($48 billion) while German Finance Minister Olaf Scholz said his country planned about 30 billion euros ($36 billion) in spending. Scholz said that half the money would go to environmentally friendly projects and a quarter to spreading the use of digital technology. He said the fund would build on domestic relief and stimulus measures already passed by the German government He called the fund “a groundbreaking step for Europe.”