Europe needs debt mutualisation and a common 'Marshall Plan' to recover from the coronavirus pandemic, Spanish Prime Minister Pedro Sanchez told newspaper Frankfurter Allgemeine Zeitung, even as Germany dismissed calls for the debt-pooling idea.
FILE PHOTO: Spanish Prime Minister Pedro Sanchez speaks during a news conference after taking part in a conference call with European leaders at the Moncloa Palace in Madrid, Spain March 10, 2020. REUTERS/Sergio Perez/File Photo
EU leaders have tasked policymakers with finding a new way to finance a recovery from the COVID-19 outbreak, after Germany and the Netherlands ruled out calls from France, Italy and Spain to create a common debt instrument. Helge Braun, head of the German chancellor’s office in Berlin, told Frankfurter Allgemeine’s Sunday edition that “liability and control need to be aligned.”
The Marshall Plan was an aid programme initiated by the United States in 1948 to help countries in Western Europe recover after World War Two.
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