Countries should not resort to renationalization and protectionism in response to a 'deep global recession' caused by the coronavirus crisis, German Chancellor Angela Merkel said Wednesday
BERLIN — Countries should not resort to renationalization and protectionism in response to a "deep global recession" caused by the coronavirus crisis, German Chancellor Angela Merkel said Wednesday.
"It was ... clear that multilateralism faced a major challenge even before the pandemic, and this challenge has not become smaller," said Merkel, two days afterMerkel was speaking after a videoconference with the heads of the International Labour Organization, the International Monetary Fund, the Organization for Economic Cooperation and Development, the World Bank and the World Trade Organization at which they discussed the economic response to the crisis.
"The answer to the pandemic can certainly not be to renationalize all international supply chains now; then everyone would pay a very high price," Merkel said. Asked if she had spoken to Dutch Prime Minister Mark Rutte or Austrian Chancellor Sebastian Kurz since Monday’s announcement, Merkel said she had not. Kurz declared Tuesday that the countries — who advocate lower EU spending and tight fiscal discipline — will present their ownThe European Commission is set to lay out its draft recovery plan next Wednesday, May 27.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Germany's Maas confident Franco-German Recovery Fund plan will get EU supportGerman Foreign Minister Heiko Maas expressed confidence on Tuesday that Franco-German plans for a 500 billion euro ($550 billion) Recovery Fund to help Europe out of the coronavirus crisis would get broad agreement from EU partners.
Lire la suite »
Franco-German motor nudges EU off virus crash laneThe pair proposed a 500 bln euro fund to help pandemic-hit states. That recognises the need to share the fiscal burden and rely less on ECB boss Christine Lagarde. But market jubilance is premature. Opposition from northern countries means the plan will probably be watered down.
Lire la suite »
Court curbs foreign internet surveillance by German spiesThe BND agency's surveillance violates 'the fundamental right to privacy of telecommunications' and freedom of the press, judges at the Constitutional Court in Karlsruhe said in their verdict.
Lire la suite »
Euro rallies on Franco-German relief fund hopes; Goldman ends short positionThe euro has rallied this week after a landmark coronavirus relief fund proposed by France and Germany provided a 'meaningful positive surprise.'
Lire la suite »