After 16 hours of discussions, the Eurogroup meeting failed to reach an agreement about the plan to avoid an economic disaster due to the COVID-19 state of emergency. Eurogroup President Mario Centeno announced that there will be a new meeting on Thursday. The disagreement between Italy and Holland about the consequences of the measures caused was the main problem at the meeting.
Eurogroup proposed measures in order to provide economic support to the governments, industries, and employees of the European Union nations. The support will be a total amount of $500 billion euros. On the one hand, Italy is supporting mutual debt solution, the so-called Corona-bond, but on the other hand, Holland’s disagreement is an obstacle for the final decision.
It is important to note, at the same time, the president of the European Research Council (ERC), Italo-American professor, Mauro Ferrari, resigned because he has failed to emphasize in EU Commission how important it was to create a large-scale research program against COVID-19.
The crux here is that the EU accused of being inactive during the COVI-19 spread. The fear of an economic crisis is all over the world and everybody wants Eurogroup to finally reach an agreement.