Berlin says there is "almost" agreement in Eurogroup but it must be unanimous

German Finance Minister Olaf Scholz said on Wednesday that members of the Eurogroup are "almost" in agreement on measures to alleviate the economic impact of the coronavirus but that they have to reach unanimity and which it hopes will be obtained "before Easter".

"We have almost come to this but we have to decide unanimously, so we have to keep talking and negotiating," Scholz told reporters, explaining the situation after a night of negotiations between eurozone finance officials.

"We have come a long way but we have not finished. But this is a good message," added the minister, who was confident of obtaining the agreement "before Easter."

The ministers of Economy and Finance of the European Union were unable to reach that agreement on new measures to alleviate the economic impact of the coronavirus after more than sixteen hours of negotiation, so they decided to resume the talks tomorrow, Thursday, to reach a consensus.

Scholz hoped to achieve it "with our friends from Portugal, Spain and France, among others."

The German minister recalled that his country supports the solution that provides for the privileged use of the European Stability Mechanism (ESM), the eurozone rescue fund.

"The ESM has a great capacity and is in a position to fulfill the task," insisted Scholz, who repeated that the use of this instrument will not have to be linked to the condition of applying economic programs dictated from outside the countries that request it. your funds.

"That it does not happen like ten years ago, that commissioners or a troika arrive to travel to a country and develop a program for the future," he said of the situation that occurred during the financial crisis of 2008-2009.

"What countries need ... is to show solidarity, for example to protect jobs or organize the necessary investment in the health field," said the minister.

Scholz did not refer to the mutualization of debt between eurozone countries or the specific issue of coronabonds, an instrument rejected by Germany and the Netherlands as a solution to the economic impact of the pandemic.


Source link