Eurozone asked to propose economic rescue plan amid COVID-19 crisis

European Union’s 27 leaders have reportedly debated on ecomic response to coronavirus pandemic on March 26, and have urged Eurozone finance ministers to come up with proposals on a joint response for recovery within 2 weeks to tackle shredded ecomy across Europe. President of European Commission, Ursula von der Leyen, participated in joint video press conference of  members of European Council in Brussels to draft measures to tackle financial chaos and looming recession. 

six-hour video conference presided by EU leaders was also joined by Italy’s Prime Minister, Giuseppe Conte, who accused union of timid response. In a statement released while summit was ongoing, he stated, that earlier draft of pre-prepared action plan was “weak” compared to gravity and scale of crisis. members agreed that an ambitious recovery plan was needed by a fortnight. nations debated over raising funds through shared European debts, which y framed as “coronabonds”, and reached a unanimous decision. y ordered finance leaders to present a proposal that requires countries to pool resources in two weeks without suggesting any political guidance. 

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Dutch Prime Minister withdrew support

According to reports, except for Germany and Nerlands, at least nine countries including Italy and Spain where pandemic has wreaked widescale havoc supported “coronabonds”. y extended support in a letter ahead of summit saying that EU members must pool funds to formulate a joint debt instrument to rescue members out of unprecedented ecomic shock. Germany and Nerlands, however, disregarded proposal. task, neverless, was assigned forward to  Eurogroup of single currency zone ministers. 

"se proposals should take into account unprecedented nature of COVID-19 shock affecting all our countries and our response will be stepped up, as necessary, with furr action in an inclusive way, in light of developments, in order to deliver a comprehensive response," summit statement read. Dutch Prime Minister, Mark Rutte, was quoted saying in a statement that his country was “against proposal” and he could t foresee any circumstances for his country to change that stance. 

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