Today, a Marshall plan for the recovery can only be financed by Europeans. We are our best/only line of defence. Relying on US or anyone else is not possible or desirable. We have no one to rely on but ourselves.
Interview w/ 5 EU papers.
europa.eu/!CX46ct
Interview w/ 5 EU papers.
europa.eu/!CX46ct
The #Eurogroup on Tuesday will discuss new measures to defend the euro & the EU. We have been working on 3 new European backstops: for sovereigns, for businesses and for workers. Combined they represent a safety net of roughly a half trillion euros europa.eu/!CX46ct
We’re ready to decouple the ESM credit line from the sovereign debt crisis logic. No sense in linking pandemic crisis to a privatizations or labour market reform. Conditions must be virus-related, & later countries must return to a stable position.
After this crisis, debt levels will rise. It’s a symmetric shock, a one-off, but it must not become a source of fragmentation. One way to deal w/ this is via common debt issuance, temporarily and targeted to this crisis, as some proposed. This is a debate we need to have.
I see broad support on the shape of our emergency response. But to leverage a recovery plan we will need fresh money. For that we need to be creative, pragmatic and with no red lines. #eurogroup
We created +13 Million jobs since €Acrisis. Many will be lost in a single quarter, or a single month! We’re taking measures to protect workers/wages but without a recovery plan, these jobs will be lost, just like in US, where 10 Million claimed unemploy/ benefits in only 15 days
