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The Euro Feels Confident About the Recovery Plan, But It Will Take Time
With the lock-downs form the coronavirus which hurt the global economy immensely, governments and central banks across the globe started the largest recovery plans in history. The ECB started the PEPP programme which will account for around EUR1.3 billion, while European politicians are planning for a Europe-wide recovery plan.
Italy needs such a programme really badly, but it won’t be a smooth road until it has passed all EU member states, as always. Italian Prime Minister Antonio Conte was speaking after a meeting with Germany’s Merkel yesterday, but it seems like the Euro took the comments with a bullish bias, since it had a bullish day yesterday:
Conte’s comments:
- Negotiations ahead on EU package very difficult
- EU leaders need to realize urgency of virus package
- Leaders decision must match EU, Franco – German proposals
Merkel’s comments:
- Italy showed remarkable discipline, patients with virus
- Our task is to overcome pandemic with solidarity
- EU positions still far apart on recovery fund, budget
- Supports qualified majority in EU recovery fund
- Italy and Germany agree on basic structure of the EU-proposed recovery fund
- I can’t say if we are going to reach agreement on EU budget and recovery fund at Summit
- EU agreement must be massive response to pandemic
- No member states position endangers overall agreement
- Italian stance on recovery fund is in a hindrance
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