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They said the move could ensure “stable long-term funding for those policies necessary to offset the damages caused by this pandemic”. But Germany and the Netherlands think their EU colleagues are moving too quickly and ought to leave the most significant measures as a final resort. One opposition source said: “We have national steps.
We have the Commission’s instruments, as a second fallback. We have other investment instruments and the European Investment Bank.” ” The problem is that we have been requested to jump instantly to the last resort mechanism while not having exhausted all the options on the road to that last resort.” “The coronavirus measures have become highly controversial because Berlin, along with the Hague, has rejected the resurrection of the” “Eurobond”, which also allows the Eurozone to issue joint debt.
German economy minister Peter Altmaier said the discussion over the step was a” “phantom debate” “. “I urge caution when allegedly new, ingenious notions are presented which frequently enough are just long discarded ideas coming back from the dead,” he fumed.
Emmanuel Macron is known as a supporter of a bloc-wide Eurozone budget, which will provide a stage for joint borrowing. This has sparked accusations that the French President could be using the coronavirus crisis to revive the concept. Paris and Madrid were accused of exploiting the death toll to affix the so-called” “corona bonds” ” mechanism, a combined European debt made to fight against the deadly illness.
It has set up a struggle over how far and fast Brussels must go with a standard fiscal solution between European leaders to tackle the fallout triggered by COVID-19.
Eurozone finance ministers were not able to agree to a company plan for the bloc’s bailout fund, the European Stability Mechanism, on Tuesday, and have now left the battle to the heads of authorities, who’ll hold crunch talks about the topic later this afternoon.
” This standard debt instrument needs to have sufficient size and long maturity to be completely efficient and avoid roll-over risks now as in the future.” “The funds collected will be targeted to fund in all member countries the necessary investments in the medical system.”
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