The economic loss caused by the coronavirus tests the limits of EU solidarity
The Covid-19 pandemic that has killed thousands across Europe, mostly in economically distressed Italy, Spain and France, has put to test the solidarity of the European Union like never before.over who would foot the bill for the funds that need to be raised to provide much-needed resources to overworked hospitals and benefits to those who have lost their jobs.
This makes sense for countries such as Italy, which has to pay high interest rates if it borrows money on its own because of its high debt and concerns over its ability to pay. German Chancellor Angela Merkel shot down the idea of a mutual debt instrument in a virtual meeting of European leaders last week.
In an open letter, seven top economists from Germany and Austria said it was high time to take joint action.
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