‘European solidarity is the life insurance policy for our continent’

German ministers call for use of joint EU coronavirus measures.

Berlin (dpa) – Two senior Germany government ministers called on Monday for collective European Union measures to be used in the fight against the new coronavirus. In a guest article published in several European newspapers, Foreign Minister Heiko Maas and Finance Minister Olaf Scholz said joint EU initiatives – such as the European Stability Mechanism (ESM) bailout fund and the European Investment Bank – could be used to mitigate the impact of the pandemic.

But they did not mention so-called coronabonds, which the German government has so far rejected. Italy, Spain and France in particular have called for the introduction of a collective debt instrument, which would allow them to receive fresh money from investors under significantly more favourable conditions.

“European solidarity is not a one-way street, but a life insurance policy for our continent,” Maas and Scholz wrote in the article.

“It is now Europe’s common task to buttress the existing programmes, fill the gaps and to span a safety net for all EU states that need further support.”

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