Yesterday’s lacklustre Eurogroup passed the buck to the heads of government. The European Council tomorrow must shoulder its constitutional responsibility to secure the cohesion of the EU as a whole, and in particular take decisive action to consolidate the euro. 1/
Dealing with the pandemic will exacerbate the structural imbalance between richer and poorer states. The EU has for years evaded the issuance of a mutualised safe asset in the form of eurobonds. The eurozone survives courtesy of @ecb but still without a common fiscal policy. 2/
The #coronavirus crisis is time to rectify this flaw in economic and monetary union. The plague risks the lives of all EU citizens equally, and the social and economic impact will be much worse than the asymmetric shock of the financial crash in 2008. 3/
#EUCO tomorrow must give practical expression to the EU's theory of solidarity between its states and citizens. This is the right time for European leaders to push the Union forwards in the federal direction. @eucopresident @vonderleyen @SpinelliGroup 4/
Bleating about ‘moral hazard’ was yesterday’s response to the last crisis. Today Europe expects a decisive demonstration of generosity and mutual concern from its leaders, without which the values and principles of our Union are a bad joke. @federalists spinelligroup.eu/sites/spinelli…
Like-minded with @EmmanuelMacron @Shahinvallee @EuroBriefing @GuntramWolff @sandrogozi @MehreenKhn @FabianZuleeg @jaemmanouilidis "A common debt instrument".
