Macron warns of EU collapse as EU nation-states rally by themselves to defeat COVID 19.

Emmanuel Macron insisted Brussels had “no option” but to establish a rescue fund which allows member states to share the debt burden of their coronavirus pandemic with wealthier neighbours. “If we can’t do so now, I tell you that the populists will win — today, tomorrow, the day after, in Italy, in Spain, possibly in France and everywhere,”  he told the Financial Times. “I feel the EU is a political job.

When it is a political job, the human element is your priority, and you will find notions of solidarity that come into play… the market follows from that’d let’s not overlook that economics is a science.” The worst-affected states — Italy and Spain of the EU — both have attacked the lack of solidarity shown because of the Second World War in their darkest hours.   

EU Commission President Ursula von der Leyen issued a grovelling apology yesterday to Rome and conceded Brussels had not been enough with its reaction to the crisis. However, Mr Macron wants the bloc’s leaders to proceed further by encouraging “shared debt with a common guarantee” to finance the economic reconstruct — a concept opposed by Germany and the Netherlands.   Paris is hoping to secure a $400 billion EU fund’s investment to help top up the assistance given by the European Central Bank. Madrid and Rome pushed the strategy, with assistance from quite a few Eurozone economies, to mitigate the fallout of lockdowns throughout the bloc. Mr Macron said failure to agree to such a strategy would hazard a collapse of the Brussels job and the Eurozone.  

He added: “You cannot have one market where some are forfeited. “It is not feasible to have financing that’s not mutualised for paying we are undertaking in the battle against COVID-19 and that we’ll have for its economic recovery.” The French President now considers Germany’s Angela Merkel and the Netherlands Mark Rutte are “coming around” on how to finance the EU’s financial recovery. It would be a historical mistake to insist the “sinners must pay”, Mr Macron said.   

He recalled his nation’s “colossal, fatal error” in demanding reparations from Germany following the First World War decided that ultimately triggered the rise of Adolf Hitler’s evil Nazi movement. Mr Macron said: “It is the error that we didn’t make after the Second World War. “The Marshall Plan, folks still talk about it now… we call it’helicopter cash’ and we say, ‘we have to forget the past, create a new start and look to the future’.”   

Mrs von der Leyen said: “We need a Marshall Plan for Europe’s retrieval and it ought to be put in place immediately. “We will use the power of the entire European funding to leverage the massive quantity of investment we need to reconstruct the single market after Corona. “We will frontload it we can power that investment in those crucial first years of recovery.” Wrangling over the next budget of the EU is anticipated to restart the following week when leaders maintain a crunch video conference.

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