The coronavirus is the European Union's biggest ever challenge and member states must show greater solidarity so that the bloc can emerge stronger from the economic crisis unleashed by the pandemic, German Chancellor Angela Merkel said on Monday.
BERLIN - The coronavirus is the European Union’s biggest ever challenge and member states must show greater solidarity so that the bloc can emerge stronger from the economic crisis unleashed by the pandemic, German Chancellor Angela Merkel said on Monday.
Merkel reaffirmed Germany’s opposition to pooling its debt with other countries in the euro system but said she supported using the currency bloc’s bailout fund to help badly affected countries to weather the crisis. Stressing that Germany would be weakened if the EU was seen as showing insufficient solidarity with its most needy members, Merkel said: “It will be about showing that we are ready to defend our Europe, to strengthen it.”
German Finance Minister Olaf Scholz has said the eurozone’s bailout fund, the European Stability Mechanism, with firepower of some 400 billion euros, had the instruments suitable to cushion the economic impact of the pandemic and that hard-hit countries should be given swift access to the cash.Germany had reported 95,391 confirmed cases of the coronavirus and 1,434 deaths as of Monday, a proportionally much lower level than that reported by other large European nations.
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