German Chancellor Angela Merkel has warned of the dangers of protectionism as a response to the economic shock caused by the coronavirus
., Merkel contrasted coordinated international action to tackle the fallout from the 2008 financial crisis with responses across the world to the pandemic.
"After the 2008 financial crisis, multilateralism was the order of the day. That was when the G20 started meeting at the level of heads of state or government, and the countries gave a very unified response. That is not the case today," Merkel said. "These days, we have to do all we can to stop ourselves collapsing into protectionism. If Europe wants to be heard, then it needs to set a good example."
Given the varying degrees to which the pandemic has inflicted economic woes on EU countries, Merkel said"it is only right for Germany to ... be prepared to engage in an extraordinary act of solidarity."While a planned EU recovery fund would not"solve all of Europe's problems," she said, everything would get worse without it. However, Merkel also stressed the fund would have to be kept"within the bounds of the European treaties.
"If we wanted to change fundamental aspects of the way the EU budget is managed or, for instance, give it the right to raise taxes, then we would have to amend the treaties," she said, adding that debates about that would probably be held in the years ahead and should be conducted"cautiously."
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