UIn order to cope with the economic consequences of the corona virus crisis, the EU states should develop joint fiscal policy measures within the next two weeks. The EU heads of state and government agreed on Thursday evening after hours of struggling in their video booth, as the German press agency learned from diplomatic circles. Italy had previously rejected the summit declaration previously negotiated. Prime Minister Giuseppe Conte called for “truly innovative and appropriate financial instruments” within ten days.
Italy and Spain are worst hit by the Coronavirus crisis in Europe. Despite the sharpest curfews, hundreds of people die every day from the new lung disease Covid-19. The economy is practically at a standstill, especially in Italy, which had hardly any growth and huge mountains of debt even before the crisis.
According to government officials at the summit, Conte made it clear that he did not want public debt to be communitized. Each country is responsible for its own debts and will continue to do so. But Europe must act together and find a strong answer to the crisis. Otherwise you could not explain it to the citizens.