Eurozone given two weeks to find virus response

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Eurozone given two weeks to find virus response
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The EU struggled to agree to a unified response to the coronavirus crisis during six hours of fraught summit haggling via video conference.

EU leaders on Thursday gave eurozone finance ministers a fortnight to come up with a stronger response to the economic havoc wrought by the coronavirus pandemic.

"These proposals should take into account the unprecedented nature of the COVID-19 shock affecting all our countries and our response will be stepped up, as necessary, with further action in an inclusive way, in light of developments, in order to deliver a comprehensive response," the summit statement said.The talks dragged on as Madrid and Rome blocked the statement, holding out for a stronger response.

But northern countries led by Germany and the Netherlands were against what they see as efforts by their southern neighbours to push their long-standing demands for eurozone members to pool public debt. At a videoconference last week, Conte suggested the creation of corona bonds to pool the debt of the 19 countries in the eurozone.

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