‘The coronavirus pandemic is now challenging the core European taboo under the European Treaty, the issuance of eurobonds, but as the situation becomes increasingly dramatic, EU member states are feeling the need for the strongest of medicine to get over the looming coronavirus-induced economic crisis.
On Thursday, the heads of European states held a teleconference organised by the European Council in an attempt to find solutions to avert an economic slump following the shutting down of Italy, Spain, and France’s economies.
Mario Centeno, Portugal’s finance minister and president of the Eurogroup, said that the main goal of Brussels in the wake of the COVID-19 crisis was to set up new “lines of defence” for the euro.
“Our aim is to add new lines of defence to the euro, preventing this economic crisis from morphing into a financial one. This is what will be at the #Eurogroup table this evening”, he tweeted before the teleconference.’