'Frugal Four' draw battle lines over EU recovery proposal

By Lewis McLellan
20 May 2020

France and Germany’s proposal for a €500bn recovery fund to fight the impact of the coronavirus pandemic, though it has delighted investors in periphery eurozone government bonds, will not make it without a fight. The so-called “Frugal Four” — Sweden, Austria, Denmark and the Netherlands — have made their objections known.

The four states will present their own counterproposal to the European Commission. Sebastian Kurz, the Austrian chancellor, summed up their position on Twitter, saying that they “are ready to help most affected countries with loans” and that the updated multi-annual financial framework should “reflect the new priorities, ...

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