Franco-German EU recovery plan 'ambitious, targeted, welcome:' Lagarde

• "The Franco-German proposals are ambitious, targeted and welcome," Lagarde said in an interview with four European daily newspapers.

PARIS: European Central Bank head Christine Lagarde hailed Monday a proposed 500-billion-euros Franco-German EU coronavirus recovery plan.

"The Franco-German proposals are ambitious, targeted and welcome," Lagarde said in an interview with four European daily newspapers.

The planned fund will notably be financed by joint EU borrowing, up to now a redline for Germany and its fiscally hardline allies in the bloc but pressed for by Italy and Spain, some of the worst affected countries.