Merkel and Macron bracing for German-French initiative for European economic recovery

French President Emmanuel Macron and German Chancellor Angela Merkel will announce a new Franco-German initiative for European economic recovery later on Monday, according to the German government’s press office.

Macron and Merkel are set to hold a video-conference at 13:30 London time and then a news conference around 15:00 London time.

No details on the initiative have been released but a source close to the French government told CNBC that “they will make a proposal on health, economic recovery, digital, ecological transition and industrial sovereignty.”

Germany and France have undergone very different experiences of the coronavirus crisis. Both countries have reported similar numbers of confirmed infections, as France has 179,693 cases and Germany has 176,551 cases as of Monday, while the number of fatalities differs widely.

France and Germany have reported 28,111 and 7,975 fatalities, respectively.

Germany has attributed its lower death tally to an initial outbreak among young, healthy people whose contacts could be traced, a comprehensive lockdown system, a widespread testing regime, as well as modern hospital infrastructure.

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