‘Big mistake’: Italy blasts European Commission chief, says Europe needs ‘great Marshall Plan’ to battle pandemic crisis

“The commission president’s words were a mistake and I regret that she made them,” Italian Economy Minister Roberto Gualtieri told reporters at a news conference on Saturday, stressing that Europe needs “a great Marshall Plan” to keep its economy afloat.

The historic Marshall Plan was a massive US-led economic aid package to rebuild Western Europe after the devastation of WWII. Italy proposed that Brussels issue so-called ‘corona bonds,’ a common debt instrument aimed at funding the response to the Covid-19 pandemic, which has made a significant dent in Europe’s economies by forcing businesses to shut down due to quarantine measures.

In an interview with DPA, von der Leyen did not rule out the idea of ‘corona bonds’ but said that they were “not the plan” the EU was working on. “The word corona bond is actually just a buzzword,” she said. The option was similarly dismissed by German Chancellor Angela Merkel, who said that creating ‘corona bonds’ was “not… the view of all EU countries.”




Also on rt.com
Global Covid-19 death toll exceeds 30,000, with two-thirds in Europe – AFP



Von der Leyen’s words raised some eyebrows not only in Rome but inside the European Parliament, whose leader David Sassoli immediately asked the European Commission chief to clarify her stance.

Italy has been hit hardest by the coronavirus within the EU, with nearly 92,500 confirmed cases and over 10,000 deaths. On Saturday, Prime Minister Giuseppe Conte unveiled a €4.3 billion ($4.79 billion) stimulus package to help local authorities and regular citizens survive through the pandemic.

The European Central Bank (ECB), in turn, pledged to spend €750 billion ($836.2 billion) in bond purchases. However, officials in Italy and Spain, which is the second-hardest hit EU nation, insisted that a more common approach is needed.

“This is a crisis that is affecting all of the EU. We need to articulate a grand Marshall Plan of reconstruction,” Spain’s Prime Minister Pedro Sanchez said last week, after the ECB plan was released. 




Also on rt.com
World economy has entered a recession ‘as bad or worse’ than the global financial crisis – IMF chief



Think your friends would be interested? Share this story!

Source Article from https://www.rt.com/news/484408-italy-corona-bonds-economy/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Related Posts
Artist Creates Such Realistic Sand Sculptures That People Mistake Them For Actual Animals

(TMU) – Artists can create amazing art using just about any medium, from ordinary everyday Read more

US ‘will be IN TROUBLE’ if it makes ‘MISTAKE’ of interfering with Venezuela-bound tankers, Rouhani warns

“If our tankers in the Caribbean or anywhere in the world face trouble caused by Read more

What If the Lockdown Was All a Big Mistake?

From California to New Jersey, Americans are protesting in the streets. They are demanding an Read more

Puppy tied with a short rope for making an innocent mistake

Dogs are like little children. If you invest quality time in teaching them right from Read more

Hits: 12

You can leave a response, or trackback from your own site.

Leave a Reply


The maximum upload file size: 100 MB.
You can upload: image, audio, video, document, spreadsheet, interactive, other.
Links to YouTube, Facebook, Twitter and other services inserted in the comment text will be automatically embedded.

*

Powered by WordPress | Designed by: Premium WordPress Themes | Thanks to Themes Gallery, Bromoney and Wordpress Themes