Macron Emphasizes EU Solidarity Mentioning Corona Bonds... EU Commission President Apologizes to Italy

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] French President Emmanuel Macron urged the issuance of the Eurozone joint bond, known as the 'corona bond,' saying that if the European Union (EU) does not help Italy and other countries struggling economically due to the novel coronavirus infection (COVID-19), the EU could collapse. Ursula von der Leyen, President of the European Commission, apologized for failing to support Italy adequately during the early spread of COVID-19.

In an interview with a foreign media outlet at the ?lys?e Palace on the 16th (local time), President Macron said that if countries severely affected economically, such as Italy and Spain, are not assisted, the EU as a 'political project' will collapse.

The corona bond is a system where EU member states jointly issue bonds and guarantee them together, allowing member states with lower credit ratings to reduce their financial burden. Currently, southern European member states with high debt ratios, such as France, Italy, Spain, and Greece, support the issuance of corona bonds, while relatively wealthy northern European member states like Germany and the Netherlands oppose it, causing a division and confrontation between the south and north within the EU.

President Macron emphasized that there is no other option than for EU member states to "jointly issue jointly guaranteed bonds to raise funds based on need rather than economic size." He added that the EU is facing a "decisive moment" to determine whether it is better than a single market amid a lack of solidarity during the pandemic.

President Macron warned that if the EU does not actively support member states in crisis, it will expand the influence of far-right politicians opposing the EU not only in Italy and Spain but also in France, which would pose another crisis for the EU. He believes that if support is not agreed upon this time, the Eurozone could collapse, stating, "There can be no single market where someone sacrifices." Macron also revealed that he is continuously communicating with German Chancellor Angela Merkel and Dutch Prime Minister Mark Rutte, and he thinks they are coming back to support the EU's economic recovery after the COVID-19 crisis.

Meanwhile, Ursula von der Leyen, President of the European Commission, expressed a "sincere apology" on behalf of Europe at the European Parliament plenary session held in Brussels, Belgium, on the same day, admitting that the EU was unprepared to support Italy at the beginning of the COVID-19 outbreak. She acknowledged that the EU was not ready when COVID-19 began spreading within Europe.

However, President von der Leyen emphasized that Europe has done more in the past four weeks than it did during the first four years of the Eurozone financial crisis that began in 2009, urging to forget past divisions and blame and unite. She also stated that a "Marshall Plan for Europe's recovery" is needed and that the EU budget should serve as a means for this.

This content was produced with the assistance of AI translation services.