Sunday, May 31, 2020

Lagarde calls on European governments to show more solidarity

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Frankfurt Before others Talks by the Euro finance ministers about joint aid in the corona crisis, ECB chief Christine Lagarde calls on the states to show more solidarity. “Governments must support each other so that together they can show the best political response to a general shock for which no one is responsible,” Lagarde said in a paper published on Wednesday for several newspapers. “Solidarity is really self-interest,” she emphasized.

“It is necessary for the fiscal response to this crisis to be strong enough throughout the euro area,” said Lagarde. Complete coordination of fiscal and monetary policy is the best way to protect industry and jobs. To prevent permanent damage, the economy had to be put on hold.

The finance ministers of the euro countries had broken off their negotiations on Wednesday morning after a marathon session without understanding. They are expected to continue on Thursday.

There was general agreement that there should be a reconstruction fund after the crisis in order to get the economy going again. How this should then be refinanced is controversial.

Because so-called euro bonds – common debts – are a red line for numerous countries such as Germany, the Netherlands and Austria, while Italy, Spain and France are in favor.

More: Entrepreneur Würth: “What happened in Berlin with a view to Europe is a mega catastrophe.”

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