Have Merkel & Macron just announced a eurobond-funded godsend for the EU? DiEM25’s view

On Monday 19th May 2020, Chancellor Merkel and President Macron announced a joint proposal for a 500 billion euro common fund, to be financed by allowing the European Commission to borrow from the money markets. The fund will, according to the Merkel-Macron proposal, finance directly businesses across the EU – by means mainly of transfers. Is this a breakthrough? Here is my answer on behalf of DiEM25.