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Nine European countries call for joint borrowing against the coronavirus

US, WASHINGTON (ORDO NEWS) — Nine countries in the European Union, including France, Italy and Spain, called on Wednesday for the creation of a “common debt instrument” to finance support for health systems in the fight against the coronavirus pandemic, according to a document that Reuters was able to consult.

EU leaders are due to meet via videoconference on Thursday and the letter, dated Wednesday, comes the day after the Eurozone finance ministers disagreed on the joint bond issue.

“We must work on a common debt instrument issued by a European institution to raise funds on the market,” write the signatories of this letter.

“This common debt instrument should have a sufficient amount and maturity to be fully effective and to avoid risks of refinancing today and in the future,” added the letter, addressed to the President of the European Council, Charles Michel.

The document, also signed by Portuguese, Irish, Luxembourg, Slovenian, Belgian and Greek leaders, also calls on the EU to “study other tools such as specific funding for expenses related to coronavirus in the EU budget” for 2020 and 2021.

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The article is written and prepared by our foreign editors from different countries around the world – material edited and published by Ordo News staff in our US newsroom press.

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