“We’re talking trillions for the recovery plan,” says Mário Centeno
The president of the Eurogroup says the solutions that have already been agreed between the Member States are "only the first step".
Mário Centeno admits the recovery plan for the European economy will have “12 zeros”, in an interview with Público newspaper. The president of the Eurogroup says solutions that have already been agreed between Member States are “only the first step”.
The Portuguese Finance Minister sees it as “perfectly normal” that there are various instruments in this response to the economic impact of the coronavirus, stressing the importance of a functional Single Market, without which “economies are going nowhere”. This is important for several countries during this “symmetric crisis”, which will lead to “a truly overwhelming recession” in the second quarter of 2020.
As for the European Stability Mechanism (ESM), Centeno points out that it is a “safety net, without constraints, external intervention, or adjustment programmes, so that Member States can access funding at a comparable cost.” Mário Centeno is confident that “the euro today has an incomparably superior safety net to the 2008 crisis.”
