WeMove Europe is an independent and values-based organisation that seeks to build people power to transform Europe in the name of our community, future generations and the planet.
To the European Council, the Council of Economics and Finance Ministers of the EU and the European Commission
We call on you to support coronabonds so all EU countries have equal access to borrowing to help support us and our livelihoods through the recession.
Why is this important?
Millions in Spain, Italy, Portugal and across Europe have already fallen below the poverty line. Many more will soon follow.
To prop up an economy destroyed by the virus, governments will have to spend billions - which they’ll have to borrow. But access to borrowing is not equal for all: countries who face high interest rates won’t be able to afford borrowing, and will have to abandon millions of people in devastating economic situations.
Nine countries, including France, Italy and Spain are proposing a solution: coronabonds. Basically, pooling the debt of EU countries together, to reduce the difference in interest rates each country pays on their national debt - so that everyone can borrow. But four leaders are against the idea, including Prime Ministers Rutte in the Netherlands and Merkel in Germany. 
Across Europe states and people are all facing losses of life, jobs and income but some communities have been more affected by infections and death by the coronavirus than others.
Those most affected have seen their healthcare systems stretched beyond their limits, and have been forced to stop all economic activity in order to save lives. It’s not a coincidence the most affected communities are also those where austerity was more savagely applied in the recent past - following the demands from our government.
In these circumstances, borrowing to save lives and livelihoods is the only option. We need to make it possible. Coronabonds are the solution.
- Belgium, France, Italy, Luxembourg, Spain, Portugal, Greece, Slovenia and Ireland are in favour of coronabonds, whereas Germany, the Netherlands, Austria and Finland are against. https://www.politico.eu/article/virtual-summit-real-acrimony-eu-leaders-clash-over-corona-bonds/
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