'Frugal Four' face down Macron-Merkel recovery plan

France and Germany presented a joint plan for a €500bn grant-based EU recovery fund earlier this week. Eurozone periphery investors reacted with delight, but other member states resisted. Despite the opposition, most believe that Germany’s support of the plan marks a sea change in European politics and offers a chance for Europe to catch up with the Covid-19 spending of other developed economies, writes Lewis McLellan.