Europe divided on coronabonds and aid, not on Italy and Spain

Europe divided on coronabonds and aid, not on Italy and Spain

Agreement on a two-week postponement to study a new plan

Brussels, March 27 (askanews) – A black smoke that hurts the idea of ​​a united and supportive Europe. The summit of the 27 leaders that lasted more than six hours to finalize the new anti-economic crisis strategy ended with nothing even for Italy’s veto on the first version of the text of conclusions. At stake is a Europe divided between North and South, between those who want to share resources and risks and those who prefer to manage crises alone. The European Council eventually managed to find an agreement on the text but it is a minimal agreement, on a generic document that lacks concreteness and that in fact gives the Eurogroup two weeks to formulate new proposals. The comparison will therefore continue in the coming days: it does not exclude anything but restarts from the split between those who like Italy, Spain and France ask for extraordinary measures and no conditions for the use of the State-Saving Fund, and the northern countries led by Germany who do not even want hear about Eurobond or Coronabond.

The problem is how the Member States will finance the huge amount

public debt generated by the money they are spending in

deficits to deal with socioeconomic consequences, as well as

healthcare, of this crisis.

Prime Minister Conte explained that innovative financial instruments are needed and not those of the past, “otherwise – said the Prime Minister – you can keep them because Italy does not need them.”

“I explained that we prefer the Mes as a tool, which has been made for crises,” said Chancellor Angela Merkel, reiterating the German position on Eurobonds.

Now there are 2 weeks left to understand what steps Europe will take, much also depends on the trend of the spread of the infection. The knots are coming to a head in this crisis and show once again that the North does not trust the way to manage the public accounts of the South, and as in the crisis of 2008 it is not ready to pool resources and guarantee with its debts the less virtuous countries.