Really no need for self-congratulations, this European Council teleconference was incredibly disappointing for the following reasons (thread): @MatinaStevis @quatremer @jdomerchet @MESandbu @adam_tooze
The conclusions fail to agree on a common EU line on testing, quarantine, containment and social distancing leaving Italy alone to take the boldest measures when they should be undertaken across the EU consilium.europa.eu/en/press/press…
In line with the Health Ministers meeting on March 6th, HoSG also failed to lift exports bans on medical supplies (mask, respiratory aid kits) displaying no sign of solidarity and resource pooling whatsoever euobserver.com/social/147659
On the economic response, the bold call by @Lagarde for a coordinated fiscal action was left unanswered and the Eurogroup (meeting on March 16th) was not given any mandate or guidelines ft.com/content/44eac1…
The decision by the @EU_Commission to create a EUR 25bn Corona Response Investment Initiative to support the healthcare sector, SMEs is an order magnitude too small given the extent of the economic shock and it was not even mentioned in the European Council conclusions.
All in all, we are unlikely to have a real coordinated economic response until we have a coordinated health response that acknowledges that Europe is as weak collectively as its weakest link/national health system. This requires coordination and solidarity.
I am for once in agreement with @matteorenzi and his call for the same containment measures to be taken across the EU at the same time and to be revised/amended collectively
Viral contagion and financial contagion have many things in common, the EU's response shows the same worrying pattern as GFC and Eurocrisis.... Next thing to watch is ECB press conference tomorrow and Eurogroup meeting next week. #coronavirus #ECB #eurogroup #EUCO
