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Not everyone is climbing aboard the Franco-German love train.
A day after Paris and Berlin bridged their differences to propose a €500 billion coronavirus recovery fund, the EU's so-called “frugal four” members signaled their resistance to the plan — particularly the idea of common EU borrowing to fund grants to countries, regions and sectors hit hardest by the coronavirus crisis.
The foursome of Austria, Denmark, the Netherlands and Sweden — who advocate lower EU spending and tight fiscal discipline — will present their own counter-proposal, Austrian Chancellor Sebastian Kurz declared Tuesday.
Some Central and Eastern European countries, who have traditionally been big net recipients of EU funds, also voiced reservations.
However, the plan was warmly welcomed by southern European leaders, whose economies have been battered most by the pandemic, and by the European Commission, which will publish its official blueprint next week.