Almost, the Italian Premier Giuseppe Conte would have brought the third telephone special summit of the European Union on Thursday evening to Burst. Conte, who represents the country with the most Corona-Victims in Europe, demanded new proposals, such as the cost of the virus should be collected in a crisis. The majority of the EU States stopped the supply of the struggling States to receive precautionary credit lines from the European bailout Fund (ESM), to be sufficient. The Prime Minister in Rome refused. The ESM, with a volume of 410 billion euros is an old Instrument that was created for a very different crisis. The reserve was created by the Euro-currency community, in order to Finance States, which had during the sovereign debt crisis ten years ago, no longer have access to credit from the private financial markets. Greece, Ireland, Cyprus, Portugal and Spain had taken to the rescue facility.

Italy calls for new proposals

“If it was offered to me, then we can make it alone”, should Conte have in the video conference threatened, as the Italian news Agency ANSA reported. In hours of negotiations, EU Council President, Charles Michel, reached, finally, that Italy agreed to a compromise. Within two weeks, the EU will present to Finance Ministers, new proposals, with which common financial instruments, especially battered States such as Italy or Spain might be based. Conte had initially insisted on a period of 10 days.

German Chancellor Angela Merkel said after the meeting, to speak on Conte’s request of an “exceptional crisis” that requires also extraordinary measures. In fourteen days will then take place probably in the next video conference-summit of the EU, said the Chancellor.

it is reported How the Dutch Prime Minister, Mark Rutte, the EU is neither on the scope nor the extent of its economic response to the corona crisis some. Therefore, we have agreed only on the lowest common denominator, in order to buy time.

Corona-Bonds are still not a topic

“We want to said no common government debt”, Giuseppe Conte is finally. However, he had signed prior to the tumultuous summit together with eight other EU heads of state and government a letter, in which the community issue of debt securities, so-called Euro – or corona bonds, is required. Through these joint debts that are rejected by the Federal Chancellor of Austria, Sebastian Kurz vehemently, has not discussed the EU summit seems to be further. From German government circles it was said before, it was in the present Phase of crisis management to early. We still had to have something in the back of your hand, if at the end, in fact, insolvent States or their banks rescued would have to be.

The heads of state and heads of government expressly welcomed that the European Central buy Bank-strapped States this year to 750 billion euros of additional state bonds. In addition, the EU has mobilised in-Commission 37 billion Euro from the common Budget to invest in the procurement of medical equipment and research to a Corona vaccine. In addition, the EU had to be suspended, the Minister of Finance of the strict rules for borrowing in the Euro-Zone. The States can now accommodate more than three percent of new debt in the financial markets. Italy is at the Moment under this brand, however, has total debt of about 130 per cent of economic output, which feeds doubts about its long-term credit rating.

the EU Commission is to develop the exit plan

the President of The EU Commission, Ursula von der Leyen, got by the heads of government of the order, an “Exit strategy” to. “We now need to coordinate our decisions when we take the action back again,” she said in a viral press conference after the summit. Along with experts trying to answer von der Leyen, the question of when the source and travel restrictions in Europe lifted can be. The Plan to exit from the Corona-crisis should be available by mid-April. “We also need a strategy for the recovery of the economy, which remained until then in a winter’s sleep,” said the EU Commission President. “We need Unity and solidarity to win this battle of the whole world.” Because of the lack of solidarity had criticized von der Leyen, the EU member States, in a speech before the European Parliament still hard.

German Chancellor Angela Merkel said it was sure easier to find compromises, if you meet in person. “Now you can’t go just once around the table with a proposal,” said Merkel, their impressions of the video conference. You could send each other text messages, in order to vote. “I find the law interesting.” You will be glad, if you’ll again be released from home quarantine, in which they had after the contact with a Corona-infected doctor go. “I’m busy, but in Cabinet meetings, the personal contact is missing. It is different.”

author: Bernd Riegert

*The post “EU summit to corona crisis: Italy’s new money needs” published by Deutsche Welle. Contact with the executives here.

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