Merkel pushes for EU fund approval

German Chancellor Angela Merkel pushed on Friday for a quick agreement on a recovery fund aimed at pulling the European Union out of the coronavirus recession, arguing that “every day counts”. Germany, which has the EU’s biggest economy and is its most populous country, took over the rotating EU presidency for six months on Wednesday. Merkel and French President Emmanuel Macron in May proposed creating a one-time $563 billion recovery fund that would be filled through shared EU borrowing. The EU’s executive arm expanded on the proposal, putting forward plans for a $842 billion fund made up mostly of grants.