The academics also argue that no country should have to seek a bailout or follow policy prescriptions handed down by Europe in order to access emergency EU funding. Using a eurobond, rather than individual countries raising finance through their own issue of debt, would bring down the overall cost of the enormous fiscal response to the coronavirus pandemic, the authors argue. He said the instrument could be a once-off “coronabond” designed to tackle the cost of the crisis. “No member state should have to seek a bailout or sign a memorandum of understanding to access emergency EU funding. This is a European crisis.

Source: The Irish Times March 23, 2020 04:52 UTC