The leaders of nine of the countries in the euro zone, including Spain, have sent a letter to the President of the European Council, Charles Michel, to open the debate on the creation of a collective debt instrument. Even knowing that there will be no agreement in the telephone meeting that the heads of state or government are going to hold today Of the Twenty-seven, the countries that sign this letter want the discussion on the way out of the crisis to begin as soon as possible.
The letter has been promoted by the Italian Government, which is not in vain the most vulnerable country in debt matters. Although at this time in the Eurogroup on Wednesday it was again found that all EU countries have a convenient access to markets, it is assumed that the investments necessary to reactivate the economy will be so large that they could jeopardize the financial stability of several partners.
Another of the signers, BelgiumFor example, which has made an effort in recent years to reduce it, is also above 100% of GDP in terms of debt. France, which also subscribes, rubs these parameters. Greece, Ireland, Portugal, Slovenia and Luxembourg, complete the list of those who support this idea that in terms of a European diplomatic source intends to “send a message to citizens that we can do more in terms of European economic solidarity”.
The letter does not mention the term “eurobonds” or “coronabonds” but insists that in this case it is a crisis “for which no country can be blamed. “We are all facing external and symmetrical shock, for which no country is responsible but its negative consequences will affect everyone. And we must all be guarantors of an effective and united European response.
The members of the European Council should have met in Brussels today and tomorrow according to the ordinary calendar, but lor they will only do it for two hours and telematically, which will not even allow to initiate a deep discussion on this question. But, as a representative of one of the most relevant countries in Europe said, “In recent days we have seen some of the old dogmas blow up, starting with the stability pact, and nothing has happened ».
The letter also proposes as another possibility to expand the European budget, whose discussion has been frozen since last month, because “nobody can imagine that the debate on the financial perspective will resume as if nothing had happened.” The letter proposes that at least in 2020 and 2021, the community budget will have strong instruments to contribute to the revival of the economy.
The heads of state or government will also speak of the need to coordinate the end of the restriction measures, to prevent a disorderly uprising from having negative effects on the neighbors. And, in any case, European leaders “want to find a way to explain to citizens “That they are collaborating with each other more intensely than they think, even if it is doing things that many societies find it difficult to understand right now, because everyone is afraid and many leaders believe that they would be criticized for it ».