European Union finance ministers failed in all-night talks to agree an economic support package for their coronavirus-hit economies but will reconvene to iron out remaining issues, which officials said were not insurmountable
BRUSSELS - European Union finance ministers failed in all-night talks to agree on more economic support for their coronavirus-stricken economies, spurring Spain to warn the bloc’s future was on the line if it did not forge a joint response to the crisis.
A persistent stand-off between a camp of financially ailing southern European Union states led by Italy on one side and the Netherlands acting as the bulwark of the fiscally conservative north on the other was blocking progress. The EU has already relaxed limits on state aid and public spending to help its 27 member states combat the slump and restart growth.
The aid package under discussion would see credit lines from the euro zone’s European Stability Mechanism bailout fund providing cash worth up to 2% of a country’s economic output or 240 billion euros in total for the 19-nation euro zone. “This is largely about language,” said a second official present at the talks. “There is a broad understanding that in the short run conditionality should focus on health, and in the long run on the effort to return to a stable position.
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