ECB Governing Council member Olli Rehn said it’s “essential” EU would come up with a “convincing package” tomorrow to “mitigate the economic effects of the crisis, especially for the weakest countries.” He warned that “the future of Europe as a political community is also at stake.” The difficulties caused by the coronavirus pandemic are “not due to any single country’s reckless management of finances,” he added. ” It is therefore necessary to support the most severely hit countries.”
Rehn also noted that a “joint solution” is likely to be found by using EU’s “budget framework rather than through joint loans.” “Joint European solutions are also in Finland’s interest because our own economy, too, is highly dependent on the European economy’s development and recovery. Alone we can boost our domestic demand but not exports,” he added.
As for ECB, “we will continue to monitor the situation and stand ready to adjust all of our measures, as appropriate,” he said.
