EU Finance Ministers failed to agree on coordinated coronavirus economic rescue after marathon talks. “After 16 hours of discussions we came close to a deal but we are not there yet,” Eurogroup chairman Mario Centeno said. “I suspended the Eurogroup and continue tomorrow.”
It’s reported that there was a major disagreement between Italy and the Netherlands. Italy required a reference to debt mutualization in the recovery instrument but the Netherlands rejected.
Separately, ECB Governing Council member Martins Kazaks warned that “If policymakers leave monetary policy as the only game in town, that would be irresponsible.”