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Germany and others need to fund the post-virus recovery across Europe, Spanish minister says

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April 21, 2020

Germany needs to understand it will have to fund the post-pandemic recovery across Europe, Spain’s economy minister told CNBC Monday, just days ahead of another pivotal meeting for the European Union (EU).

The 27 European countries that make up the EU remain at loggerheads over how to mitigate the economic shock from Covid-19, despite putting together a half-a-trillion-euro package for more immediate spending needs earlier this month. Their main concern now is to present a second plan that will deal with the vast amount of virus-related debt that is expected to creep up across the region.

Nadia Calvino, Spanish economic affairs minister and deputy prime minister, told CNBC Monday that Germany has a budget surplus that it is “quite determined” to use.

“Now, what we need is for them to understand that we need to also fund the recovery of the rest of the (EU) countries, that we need to fund the recovery of the whole of Europe,” she added.

The coronavirus pandemic has resurfaced old divisions among the countries that make up the EU. More fiscally-conservative nations, such as Germany and the Netherlands, are reluctant to take unprecedented steps and issue mutualized debt — a financial tool often dubbed “corona bonds” — to deal with the economic ramifications from the crisis. These countries argue that doing so would not be fair to their taxpayers.

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This article was posted: Tuesday, April 21, 2020 at 2:52 am

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