Angela Merkel: Eurozone bailout fund preferred over coronabonds

So-called coronabonds are not the best way of shoring up Europe’s economy in the current Covid-19 crisis, says German Chancellor Angela Merkel following a protracted video call with her European Union counterparts, who are divided on the issue.

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“For me, the European Stability Mechanism (ESM) is the preferred instrument because it was truly created for times of crisis,” Merkel said, in reference to the eurozone bailout fund. Other leaders shared her point of view, she added.

“I think that with the ESM we have a crisis tool that opens many possibilities and does not put into question the basic principles of our joint – but individually responsible – action,” Merkel noted. (dpa)