Italy's Conte Hammers Home Plea For German Solidarity
Mohammad Ali (@ChaudhryMAli88) Published April 01, 2020 | 11:19 PM
Italian Prime Minister Giuseppe Conte pleaded with Germans on Thursday to collaborate on "appropriate instruments for an unprecedented situation" to cushion the European economy from the "tsunami"-like impact of the novel coronavirus
Berlin, (APP - UrduPoint / Pakistan Point News - 1st Apr, 2020 ) :Italian Prime Minister Giuseppe Conte pleaded with Germans on Thursday to collaborate on "appropriate instruments for an unprecedented situation" to cushion the European economy from the "tsunami"-like impact of the novel coronavirus.
"If we are a union, now is the time to prove it," Conte wrote in weekly Die Zeit.
"Even the efforts of the strongest European economies would bring modest results compared to what we can achieve if we support one another," he added.
Following an appearance on public broadcaster ARD's widely-watched nightly news Wednesday, Conte's article kept up a charm offensive on Europe's top economy as leaders puzzle over a politically acceptable backstop for the bloc's businesses and workers.
Italy and other European Union members including France and Spain have so far failed in attempts to convince fiscally conservative northern nations like the Netherlands, Germany and Austria to issue joint debt to fund a rescue programme, quickly dubbed "coronabonds".
German Economy Minister Peter Altmaier last week rejected such calls as "reruns of long-discarded concepts".
Talks on an EU response must proceed "without prejudices and without vetos posed going in," Conte wrote.
Highlighting Italy's difficult course of fiscal consolidation since the 2008-09 financial crisis, the Italian premier said no country can "exploit this crisis to lay the burdens of the past on others' shoulders".
But it would be "unjust" to punish Italy for perceived profligacy after it has spent a decade doing its budget homework, he added.
Italians have been outraged by reports in Dutch media that Netherlands Finance Minister Wopke Hoekstra has blamed southern EU nations for not saving more in the years ahead of the pandemic and even called for a European investigation into their spending.
"Membership in our union must mean that we can use its strength to fight the damage caused by the pandemic," Conte urged.
"If Europe manages to react quickly and decisively, it will emerge stronger from this deep crisis," he added.
Despite an acknowledgement from Hoekstra on Tuesday that he had not been "empathetic enough" to southern countries, other options for intra-European assistance still appear more likely than joint bonds.
Speaking to the Financial Times on Wednesday, French Finance Minister Bruno Le Maire proposed a common recovery fund limited to five or 10 years and using the existing EU budget to support hard-hit nations like Italy and Spain.
Meanwhile, Commission President Ursula von der Leyen suggested an EU-wide scheme to support workers whose hours are slashed by struggling companies, similar to Germany's "Kurzarbeit" programme credited with saving hundreds of thousands of jobs during the financial crisis.
Related Topics
Recent Stories
Saka and Odegaard start for Arsenal, Guerreiro in Bayern midfield
Qatar PM says re-evaluating Israel-Hamas mediation role
Govt spokesperson terms allegations of PTI's Marwat against Saudi Arabia 'heinou ..
Minister appreciate UAE’s support for Pakistan economic challenges
Manchester City v Real Madrid Champions League starting line-ups
MIGA's support Pakistan in attracting foreign investments: Federal Minister for ..
Walker returns to captain Man City for Real Madrid clash
Action taken against price list violations in Khanewal district
DC chairs review meeting of DEG
Turkey accuses Israel's Netanyahu of using war 'to stay in power'
Pakistan ranked 5th most vulnerable country to climate change. Tirmizi
Nadal comeback ends in Barcelona Open second round
More Stories From World
-
Tesla asks shareholders to reapprove huge Musk pay deal
8 minutes ago -
Real Madrid exact revenge on Man City to reach Champions League semis
18 minutes ago -
German far-right firebrand in court for using Nazi slogan
18 minutes ago -
Gauff, Raducanu shine in Stuttgart
38 minutes ago -
Eight reported injured after Japan quake
38 minutes ago -
Error-plagued Gauff wins clay season opener, Raducanu shines
38 minutes ago
-
Tokyo shares open lower after US chip shares fall
38 minutes ago -
Ruling conservatives win most seats in Croatia election, but no majority
38 minutes ago -
US university cancels Muslim student's graduation speech after pro-Israel groups object, CAIR protes ..
1 hour ago -
EU weighs response to Russian 'interference' in election runup
7 hours ago -
Going 'backwards'? Whistleblowers slam Boeing safety culture
7 hours ago -
US to reimpose oil sanctions on Venezuela: officials
7 hours ago