In Among them, European finance ministers failed to reach a coronavirus support agreement. After overnight negotiations, European finance ministers from 19 countries using the euro failed to reach an agreement to support the EU ’s coronavirus-infected economies.
European Group President Mario Centeno, Minister of Finance of Portugal, said on Twitter on Wednesday morning: "After 16 hours of discussion, we have reached an agreement, but no agreement has yet been reached." "I suspended the euro zone ( We) will continue tomorrow. "
The latest failure to reach consensus on how to arrange a recovery plan of 500 billion euros ($ 543 billion) once again exposed the inherent north-south differences on the African continent. The media reported that the impasse between the financially difficult southern countries headed by Italy and some financially conservative northern countries headed by the Netherlands was the cause of the broken negotiations.
French news channel reported on the 24th that the two camps have differences in terms and conditions related to eurozone government credit. The focus of the debate was Italy ’s request that loans do not require any fiscal reforms, while the Netherlands refused to do so.
Last month ’s EU leaders ’meeting also failed to reach consensus on the best economic response to a coronavirus outbreak.
French President Macron told his EU counterparts in the negotiations last month: "The survival of European projects is threatened."
Most of the controversy surrounding the North-South differences in the EU stems from the European debt crisis that began nearly a decade ago, when many countries on the southern European continent implemented strict austerity measures.
Italy and Greece are still recovering from the lingering impact of this crisis, but now, the current pandemic has caused a further heavy blow to their economies.
Spanish Minister of Agriculture Luis Planas said on Wednesday: "This is a key issue threatening the future of the EU."
In most parts of Europe, in order to resist the spread of coronavirus, closed borders, travel restrictions, and the closure of restaurants and bars have been implemented. The impact of these measures is even more severe in the southern countries, which have a higher proportion of tourism in the country ’s GDP.
Despite this, there are still calls for the EU to overcome the financial differences between North and South. In an appeal issued in newspapers in France, Italy, Spain, Portugal and Greece earlier this week, German Foreign Minister Marcos and Finance Minister Olaf Schroz called for immediate action to ensure European finance stable.
They wrote: "We need to express European solidarity in the corona pandemic." "The funds must not be attached with any unnecessary conditions, because this is equivalent to re-implementing the austerity policy after the financial crisis, and will lead to Non-compliance. Treated equally. "
News Reference:https://www.npr.org/sections/coronavirus-live-updates/2020/04/08/829855010/amid-divisions-european-finance-ministers-fail-to-reach-coronavirus-support-deal is