The President of France, Emmanuel Macron, stressed on Thursday that Europe should not go into debt to maintain its ability to make loans to other countries in their fight against the coronavirus, because those loans would add to the debt that those nations already have.
Macron considered that this indebtedness would not measure up to the response and pointed out that there is still no consensus on the nature of the aid mechanism.
In a statement transmitted by the Elysee, the head of state considered that transfers should be made to the countries and regions most affected by the pandemic.
“I think that at the moment we are living these transfers must be through subsidies, real budgetary transfers,” added the president after the telematic summit between the leaders of the European Union (EU).
Macron stressed that “real, economic budgetary transfers, not simply loans” will be needed, with rules that must be “very clear” and accepted by all.
The Gallic leader warned in his statement that “Europe has no future” if it cannot provide an answer, and made it clear that the single market is a bloc and that if part of Europe is abandoned “all of Europe falls.”
Macron argued that such transfers will provide the appropriate response both “economically, industrially and financially” as well as preserving the unity of the single market at the same time, and urged a decision “promptly and forcefully.