Germany advocates increasing financial aid to EU countries for coronavirus

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BERLIN (Sputnik) – German Foreign Minister Heiko Maas and Finance Minister Olaf Scholz advocate increasing the amount of financial assistance to member countries of the European Union (EU) to help them combat the SARS-CoV-2 coronavirus.

“Currently, the European Stability Mechanism [Mede] it already offers the possibility for the eurozone countries to raise capital jointly and with the same favorable conditions, “write the German ministers in a joint article published by various European media, including the Spanish newspaper El PaĆ­s.

Through this mechanism, Italy will be able to obtain 39,000 million euros and Spain, 28,000 million.

“We do not need any troika or controllers or any commission to draw up reform programs for a given country, but rather agile and well-focused aid. That is precisely what the Mede can offer if we continue developing it sensibly,” Maas and Scholz emphasize.

They also propose launching “a pan-European guarantee fund that can secure loans and with which the European Investment Bank (EIB) can provide liquidity to small and medium-sized companies in the respective countries.”

The ministers recall that the European Commission proposed creating the SURE mechanism, through which “it is possible to provide financial support to member states of the European Union that help companies in a similar way to what is provided for in the German regulations on partial unemployment, with the in order for them to keep their employees despite a short-term crisis “.

Since March 11, the World Health Organization (WHO) has described the disease COVID-19 caused by the SARS-CoV-2 coronavirus, first detected in the Chinese city of Wuhan in late 2019, as a pandemic.

Throughout the world, more than 1.28 million cases of infection with the new pathogen have been detected so far, including more than 70,000 deaths and some 270,000 recovered patients.

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