Europe now has an ideal opportunity to act decisively and thus ensure its long-term prospects as a cohesive and useful supra-national structure that ensures the well-being of the peoples of the Union.
'I hope we will get progress on a coronabond tonight, but more realistically is probably some kind of rescue fund in the making. It should be the minimum of what we can expect,” said Piet Haines Christiansen, a top financial analyst.
The wealthy states of Northern Europe and especially Germany, the Netherlands, and Finland continue to stubbornly refuse to adopt bold economic measures in the midst of a deadly pandemic.
'The issuance of one-off coronabonds is one possibility, There are other instruments that could be used, like an EU rescue fund or measures involving the ESM or the European Investment Bank,' says Isabel Schnabel.
Berlin proposes that those hardest hit repair to the ESM for loans that would break the back of the highly indebted countries.