EU to agree virus bail-out but not ‘coronabonds’ | Malay Mail

German Chancellor Angela Merkel arrives to brief the media about German government’s measures to avoid further spread of the coronavirus, on April 6, 2020 at the chancellery in Berlin. — AFP pic

But, with deep divisions between the rich northern countries and the heavily-indebted south, they are expected to put aside — for now — a proposal to issue “coronabonds” to pool public borrowing. “Eurobonds represent a serious response tailored to the crisis we are living through,” Italian Prime Minister Giuseppe Conte argued yesterday.

But France insists the economic destruction caused by the Covid-19 crisis demands a new way of thinking in Europe and wants member countries to help each other in unprecedented ways.“Nothing would be worse for Europe than for some states, because they are richer, to get off to a quick start, while others, because they cannot afford it, start slowly,” French Finance Minister Bruno Le Maire told broadcaster France 2.

European Council president Charles Michel, European Commission chief Ursula von der Leyen, ECB chief Christine Lagarde and Eurogroup president Mario Centeno, who chairs meetings of the eurozone finance ministers, held a preparatory videoconference yesterday. The European Stability Mechanism was created in 2012 during the eurozone debt crisis to help states that no longer had access to borrowing on the markets.

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