The President of the European Central Bank (ECB) urges her members to work together and find common solutions to get out of the crisis. She asked them “a complete alignment of fiscal and monetary policies”.
The boss of the European Central Bank urges European states to “be side by side” to respond to the new coronavirus crisis with budget measures, when they are struggling to get along, in a column published on Wednesday evening. “It is vital that the budgetary component in response to this crisis is sufficiently powerful throughout the euro area. Governments must be side by side to deploy optimal policies together in the face of a common shock for which no one is responsible” , she wrote in a forum posted by hooly-news.com. These words come on the same day that a marathon meeting of EU member states to find a common economic response to the coronavirus ended in failure. In particular, the Netherlands refused to give in to requests from southern countries like Italy.
“If all the countries do not recover, the others will suffer. By showing solidarity, we are in fact serving our own interests”, warns Christine Lagarde. “Full alignment of fiscal and monetary policies, and equal treatment against the virus are the best way to protect our productive capacity and jobs, with a view to returning to sustainable growth and inflation rates once the pandemic will have ended, “said the boss of the European Central Bank. The members of the Eurogroup, the body which brings together the finance ministers of the euro zone, are to meet for a new meeting by videoconference Thursday at the end of the afternoon.
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