“In the face of high energy prices, billions in US aid to industry and competition from China, the EU needs to take on €350bn of new debt – and fast,” says Gentiloni
His “bell”. Paolo Gentiloni to Berlin. The EU Commissioner for Economic Affairs is in favor of taking on new debt by the European Union, asking the German government to agree to a relevant decision.
“In the face of high energy prices, billions in US aid to industry and competition from China, the European Union must take on new debt of 350 billion euros – and quickly,” says Mr. Gentiloni, in an interview he gave to the Frankfurter Allgemeine Sonntagszeitung.
The commissioner also points out that Europe is facing many challenges at the same time and stresses that the European economy needs to be supported as it suffers the consequences of the war in Ukraine. “This crisis mainly affects Europe and developing countries, not so much the USA and China”, he notes, to add: “We must take into account that not every state can cope alone (…) and as a message towards the markets, we must avoid giving the impression that we are simply moving existing money back and forth. We need new money and we need to be fast!”
Tomorrow Monday, Mr. Gentiloni will meet in Berlin with the finance minister Christian Lindner (FDP), which has so far been against the prospect of taking on a common debt in the EU. Furthermore, Chancellor Olaf Solz has often emphasized that only a fraction of the €750 billion Restructuring Fund decided in 2020 has been used so far to deal with the consequences of the coronavirus pandemic.
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