Eurogroup deal shows EU is on the path of solidarity

10/04/2020

Eurogroup

Eurogroup President Mario Centeno during a video call at the Portuguese Ministry of Finance in Lisbon. ZUMAPRESS

The Party of European Socialists welcomes the agreement reached by EU finance ministers last night, which will unlock €540 billion of support to help the European economy overcome the coronavirus crisis.

The unemployment support scheme known as SURE, now set to be implemented immediately, will help to save jobs, and the released funds and the financial flexibility granted to the countries for their efforts to combat the pandemic will help the economic recovery of the EU.

PES President Sergei Stanishev said:

“The agreement reached is a positive signal that solidarity is alive in the EU. Socialists and democrats have been pushing for immediate financial assistance for member states, so they can overcome this pandemic and its economic fallout. It is right that we ensure no member state is left behind.

“The coronavirus pandemic has become an unprecedented test for societies, governments and institutions. It is right that unprecedented support, in terms of size and scale, is now being offered. But we should also be open to the reality that further measures may be needed to support member states and their economies.

“We look forward to the coming discussion on a stimulus fund. This needs to be a bold Recovery Plan, including Eurobonds and new own resources. This is how we will prepare the ground for recovery in the short, medium and long-term.”

The PES has consistently argued that the EU must mobilise a massive response to the COVID-19 crisis to ensure citizens are protected from the virus and its economic impact.

Yesterday, euobserver published an OpEd from Sergei Stanishev outlining progressive measures that the Eurogroup should adopt. The PES has also previously issued a joint statement to the Eurogroup and called for a Recovery Plan, a unemployment benefit reinsurance scheme, and other measures.