10. April 2020
it's like a crime thriller: will we as Europeans manage to turn around in time and fight the corona pandemic with its consequences together?
It is good that a first step was taken last night. The task now must be to get the agreed emergency measures for stabilisation off the ground quickly and sensibly.
However, we must not close our eyes to the fact that the EUR 540 billion that have now been decided - already calculated optimistically - represent only a bit more than 4% of the eurozone's economic output. Their pile of debt will increase sharply and the ECB will de facto be forced to control the bond spreads through the continued buying of bonds.
But above all, one major question has remained unanswered: How do we shape and finance the recovery of our economy? The finance ministers have only agreed that a European recovery funds is necessary. Its size, financing and the relation to the EU-budget remained open. That is why we will continue to need pressure to ensure that the Member States now quickly agree on a revitalisation of the European economy in terms of content and finance. This programme must of course be in line with the Paris Climate Change Agreement and the objectives of the EU Commission's Green Deal.
This is best achieved with one-off joint European bonds. The German government must now work on a constructive solution for Health bonds or show alternative equivalent financial measures that will jointly shoulder the burden in a spirit of solidarity and not lead to over-indebtedness of the countries most affected. Just saying no and blocking it is not an option. Otherwise, we risk mass unemployment or the next euro crisis. Neither must happen to Europe. Germany, in particular, as an exporting country, will not see an economic recovery if half of the EU internal market collapses. With good reason, 68% of Germans in the Politbarometer yesterday are in favour of EU financial aid for the countries affected. And in Italy, our appeal continues to find great resonance in the media and refutes the image of an unsympathetic Germany fomented by right-wing forces.
Because: Weareinthistogether and we can only overcome the crisis well together!
With warm European greetings
Alexandra Geese, Franziska Brantner, Sven Giegold
P.S.: In the meantime more than 21,500 people from Italy and Germany have signed our appeal. That is great! Please recommend it to others: www.weareinthistogether.eu