(Bloomberg) -- Germany and France want the European Commission to issue 500 billion euros ($550 billion) of European Union debt to finance a Recovery Fund that will be distributed according to need. Using the commission's growth forecast downgrades to identify which economies need the most help, and assuming the new debt is apportioned by economic heft, Bloomberg Economics identified the winners and losers. While some countries will pay in more than they receive, everyone stands to gain under the latest plan: Without some mutualization of the cost of the pandemic, the European Central Bank could be pushed beyond the limits of its mandate or financial stability would be threatened.
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