Spain says EU has to rise to coronavirus challenge or countries will ‘fail as union’

Spanish Prime Minister Pedro Sanchez has reportedly said that European Union has to rise to coronavirus challenge or countries will ‘fail as a union’. Talking to major newspapers across Europe, Sanchez said that Spain has reached a critical juncture at which even most fervently pro-European countries and governments need real ‘proof of commitment’. Sanchez’s comments come amid bitter stand-off between several EU states over financing of European recovery once coronavirus pandemic recedes. 

Writing to newspapers, Sanchez reportedly described virus as an ‘invisible enemy’ that is putting future of European project to test. He said that without solidarity re can be cohesion, without cohesion, re will be disaffection and credibility of European project will be severely damd. He ded that current plans such as European Central Banks’s bond-buying program are t eugh. 

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Furrmore, Sanchez said that Europe must build a wartime ecomy and promote European resistance, reconstruction and recovery, essentially a new ‘Marshall Plan’ which will require backing of all EU’s common institution. He ded that European solidarity has to ensure that re are gaps between rth and south, and y leave country behind.

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‘Recovery bonds’ 

Meanwhile, after a request from Italy and eight or countries to issue ‘recovery bonds’ on behalf of all eurozone countries to help fund efforts to rebuild national ecomies that are expected to dive deep into recession, European Commission President Ursula von der Leyen reportedly said that EU will allocate up to 100 billion euros to hardest-hit countries, starting with Italy in a bid to help cover cost of lost ws and to preserve jobs. She also said that commission also wanted to make sure that every euro still available in EU’s annual budget is spent on tackling coronavirus crisis. 

With 100 billion euros scheme, EU chief said that it would keep people in work and will enable companies to return to market with renewed vigour. She ded that commission will provide loans to those member states that need m to strengn ir short-time work schemes.

(Im source: AP)

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