Deep divisions within the European Union are hampering efforts to tackle the economic fallout of the coronavirus pandemic
The European Union made two attempts this week at agreeing to a coordinated strategy to support member states most affected by the outbreak, such as Italy and Spain. Finance ministers from countries that use the euro currency met on Tuesday, followed by all 27 EU leaders on Thursday. Both failed. Thursday's video conference lasted six hours, and ended with a joint statement that effectively passed the buck back to finance ministers.
Some economists say there is a clear case for the European Union to take the unprecedented step of issuing its own common debt given the extraordinary nature of the shock. All EU countries will run up huge budget deficits this year fighting the pandemic and its consequences, and countries such as Italy and Spain — with weaker government finances than Germany — will need to be able to borrow at reasonable rates of interest.
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