This week EU member states failed to reach a compromise on debt-sharing for the fourth time amid the virus-triggered economic slowdown. Nine EU countries – Spain, Italy, France, Belgium, Luxembourg, Ireland, Portugal, Greece, and Slovenia – are urging Brussels to issue so-called “coronabonds”. Coronabonds would be a collective debt amongst EU member states, with the aim of providing financial relief to Eurozone countries battered by coronavirus.
The funds would be shared equally and supplied by the European Investment Bank, with the debt taken collectively by all member states of the European Union.
However, the so-called “Frugal Four”, Germany, the Netherlands, Austria, and Finland, are resisting the measure.
The Dutch parliament passed a motion urging the government never to agree to any EU proposal that would make the Netherlands responsible for the national debt of another country.
The motion, tabled by the populist, anti-EU Forum for Democracy FvD party is not binding but will make it politically difficult, if not impossible, for the Netherlands to support requests for mutual debt.
In an exclusive interview with Express.co.uk, Italian MEP Antonio Maria Rinaldi hit out at the EU’s response to Covid-19 and blamed Germany for “using” the Netherlands.
He said: “There is no leadership within Europe.
“Starting from the European Central Bank (ECB), which is guided by an incompetent figure: Christine Lagarde.
“She should do what every bank around the world is doing, such as the Bank of England and the Bank of Japan.
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“They can coordinate their responses directly between the Central Bank and Government.
“Here, we can’t because the ECB has been taken hostage by bureaucrats.”
When asked about the “anti-coronabonds” motion passed by the Netherlands, Mr Ranieri explained: “This is nothing new.
“I believe Germany is behind it. These two countries always play the role of the ‘good and bad policeman’.
“Germany pushes the Netherlands forward so that its interests are served in the EU but without looking bad.
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“It has been like this for years.”
The Italian politician added: “What Germany is doing is disgusting and I believe that the EU will look very different when this virus is over.
“The UK could have not made a better decision in leaving this bloc.”
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