Europe has launched an unprecedented bailout plan in EU history. The crisis triggered by the new Coronavirus is worse than the crisis of 2008 and the measures launched are only the beginning.
EU in defense
The EU is mobilizing all its forces to defeat the effects of the new Coronavirus.
But the EU is the union of 27 countries, each with its own sovereignty, with an institutional structure, with independent institutions or totally dependent on national governments.
In this articulated socio-economic-institutional reality, Europe tries to find the most common possible solutions against a common enemy.
But this is not easy, because the real enemy is not the virus but the excessive nationalism of the 27. If the virus can be fought with drugs and, perhaps, with a vaccine, nationalism that does not aggregate forces and objectives it is not a single enemy but there are many enemies: national interests, their bureaucracies, political forces, central and peripheral government authorities and all social, professional, economic and industrial corporations.
Europe invests at least €3 390 billion
So Europe‘s effort is manifold: some budgetary and fiscal constraints must be eased to allow state aid, the European Central Bank must be allowed to intervene in the government bond markets, offer guarantees to cover large loans from the European Investment Bank and put together all the financial resources held by the European Commission for the the war against the virus. No less important are the resources made available with the ESM to strengthen health systems after the tough test of COVID-19. This is today’s line of defense.
EU on the attack
An effective european counter-attack will require a unique and strong vision to allow Europe to occupy its place before the arrival of the virus and then to find a new development model that can also solve pre-existing problems.
This is the announced European rescue plan, which requires a single strategy, where all the national prerogatives, which today are the lifeblood that feeds the 27 national political systems, leave room for real and lasting solutions.
ALL EU DECISIONS AGAINST COVID-19
If you want to find out about all the updated EU measures against the consequences of COVID-19, click on this banner: