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President Macron yesterday expounded on the importance of a larger virus recovery fund and that without coming together in this crisis the EU will unravel, as Eurosceptism would rise in the countries not supported, per Deutsche Bank.

Key quotes

“In an FT interview posted as Europe was going home Macron remarked that, ‘we are at a moment of truth, which is to decide whether the European Union is a political project or just a market project. I think it’s a political project. . . We need financial transfers and solidarity, if only so that Europe holds on’.”

“European Commission President von der Leyen apologized to Italy while painting a picture of a Europe that was coming together, ‘too many were not there on time when Italy needed a helping hand at the very beginning. For that, it is right that Europe as a whole offers a heartfelt apology,’ she said.”

“We will see if all this brings a more specific plan next week at the leaders’ summit.”