Failure on coronabonds, but Eurogroup dangles 'recovery fund'
The Eurogroup has, once again, manifestly failed to come to a unanimous position on coronabonds. The bloc does appear to be incrementally adding components to its joint fiscal response, however, with some form of joint recovery fund appearing likely — even if the source of its funding remains a mystery. Jean Comte, Jasper Cox and Lewis McLellan report.
Finance ministers seem agreed on the use of the European Stability Mechanism, the European Investment Bank and a new unemployment fund known as SURE as a fiscal response to the coronavirus crisis. The French proposal for a common recovery fund also appears likely to form part of the package.