EU ministers to give half a trillion Euro for Coronavirus rescue plan
By MYBRANDBOOK
European Union finance ministers agreed on half-a-trillion euros worth of support for their coronavirus-battered economies but left open the question of how to finance recovery in the bloc headed for a steep recession.
The agreement was reached after EU powerhouse Germany, as well as France, put their feet down to end opposition from the Netherlands over attaching economic conditions to emergency credit for governments weathering the impacts of the pandemic, and offered Italy assurances that the bloc would show solidarity.
But the deal does not mention using joint debt to finance recovery - something Italy, France and Spain pushed strongly for but which is a red line for Germany, the Netherlands, Finland and Austria.
Earlier, Italian Prime Minister Giuseppe Conte warned that the EU’s very existence would be under threat if it could not come together to combat the COVID-19 pandemic caused by the novel coronavirus.
For weeks, EU member states have struggled to present a united front in the face of the pandemic, squabbling over money, medical equipment and drugs, border restrictions and trade curbs, amid fraught talks laying bare their bitter divisions.
While Le Maire said the agreement paved the way for debt mutualisation, his Dutch counterpart, Wopke Hoekstra, stressed the opposite. Hoekstra said, “We are and will remain opposed to eurobonds. We think this concept will not help Europa or the Netherlands in the long-term.”
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