European Central Bank chief Christine Lagarde urged wrangling EU leaders to act more decisively to cushion the economic hit of the coronavirus pandemic, three sources familiar with the matter said on Friday, as the bloc feuds over how far to go.
The European Union's southern states were left fuming after the bloc's 27 national leaders failed to agree on more support for their economies, which have been battered by the disease, in a six-hour call on Thursday.Lagarde told the call that"further action is required", stressing the need for urgency and telling the leaders that the EU was being too slow to respond to the crisis, said the people who were briefed on the discussions.
In the call on Thursday, Germany and the Netherlands came out forcibly against a push by Italy, Spain, Portugal, France and others to issue joint bonds, an echo of the bloc's feuds during the 2008-12 euro zone debt crisis that damaged EU unity. "It is only logical that if a certain country needs a particular support, that you also collectively then agree on how that country will be more resilient if a situation like that or another systemic shock were to occur in the future," Rutte said.
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