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Loic Venance, pool via AP
Clear warning from the French president, who asked for the support of the European economies affected by the pandemic crisis.
French president Emmanuelle distance clearly warned today (Thursday) for a possible collapse of the European Union political projectUnless it supports the economies affected by the crisis created by the pandemic coronavirus (like Italy) and helps to recover.
in terms of Financial Times the Elysee, long held that “there is no alternative ‘, but to establish a fund that has the mission of” issuing public debt to common safeguards “to the member countries of finance according to their needs and does not base the size of their economies.
the Germany and the Netherlands reject this idea. The EU is facing the “moment of truth” in the decisions to be made if it is about more than a common economic market. Lack of solidarity during a pandemic, and fueling the anger of populists in southern Europe.
“If we can’t do this today, I tell you that populists win. Today, tomorrow, the next day, in Italy, in Spain, perhaps in France and elsewhere. I think the EU is a political project. If it is indeed a political project, the human factor must be priority and the principles of solidarity must be at the forefront … then it will be followed by the economy … Let us not forget that the economy is the science of morality. “
As the FT point, France is pressing for the creation of a common fund or the provision in the Community budget an amount of approximately 400 billion euros -. Excluding the emergency assistance already offered by the ECB and other European thesmoi- to the management financial consequences arising from restrictive measures taken by European countries.
Italy, Spain and other countries support the previous initiative, while Germany, the Netherlands and other northern states opposed it.
Video conferencing background pressure
Next Thursday, European leaders would have a conference call to discuss this project and the exceptional tools. As FT points out, Emanuel Macron seems to be pushing hard in that direction.
Keep in mind that if the macro asked if a possible failure in a fund of this type could cause the collapse of the euro zone, he replied that “yes, it must be clear … but the collapse of the European idea. You cannot to have a single market that some sacrificed. It is no longer possible not to have non-reciprocal financing for the expenses that go into the fight against the coronation. ”
The Makra also argued that most Member States have already broken the spirit of the rules in the European conditions, as many have ignored the prohibitions for state aid to companies in order to save jobs.
At this point, the French president brought as an example GermanyThat it can pay much lower interest rates than Greece or Italy for that purpose.
Always according to the FT, the macro also said that it is a “permanent dialogue“With German Chancellor Angela Merkel and Dutch Prime Minister Mark Rutte, and he believes they are beginning to change their minds about how the recovery of European economies after the crisis will be financed.” It is a historic mistake, “he said, “to ask again to pay the” sinners “. Is the mistake is not done at the end of World War II with the plan Marshall… people still speak today. ”
