David SASSOLI, EP President, makes a statement on the ongoing Eurogroup meeting, in the European Parliament in Brussels.

Brussels

statement

SASSOLI, David Maria (S&D, IT, S&D, IT)

Eurogroup (euro area)

Coronavirus outbreak (T)

Reaction of David SASSOLI, EP President on the ongoing Eurogroup meeting

https://api.multimedia.europarl.europa.eu/documents/20125/4651630/I188625Chapters%5BSD-EN%5D.srt

Soundbite (Italian) David SASSOLI, EP President, Dear European compatriots, we are at a time when we need to do more. Citizens, businesses, our families, our young people are concerned about an uncertain future because in all countries the crisis and the health emergency will destroy millions of jobs.

Soundbite (Italian) David SASSOLI, EP President, In recent weeks, when Europe intervened, responses came up to the challenge. Think of the easing of the state aid rules that have allowed our countries to develop powerful interventions to support their citizens and businesses.

Soundbite (Italian) David SASSOLI, EP President, Where instead Europe does not want to intervene, the answer is weak or there are simply no answers. In this, national governments take on a great responsibility, because now that we need the tools to overcome the emergency and start a reconstruction plan, we do not want the effects of the crisis to see us unprepared and perhaps overwhelm us.

Soundbite (Italian) David SASSOLI, EP President, The World Labor Organization yesterday claimed that two and a half billion people worldwide will experience dramatic negative effects. How many millions of people will be touched in our countries, across Europe?

Soundbite (Italian) David SASSOLI, EP President, We have a duty to protect our citizens, north and south, east and west. So far we have implemented significant measures, support to national systems to limit unemployment, better conditions for the use of the European stability mechanism for the countries that want to use it, the refinancing of the EIB, the European Investment Bank aimed above all at protection of small and medium-sized enterprises.

Soundbite (Italian) David SASSOLI, EP President, And then the bazooka, allocated by the European Central Bank to support bank liquidity for the purchase of public and private bonds.

Soundbite (Italian) David SASSOLI, EP President, But today of course we need to do more. We need to create a fund for economic recovery, to share the costs of the restart. It will take a lot of money. The EU budget has limits and will not be enough.

Soundbite (Italian) David SASSOLI, EP President, Further effort is needed to look for new extraordinary and shared ways of financing.

Soundbite (Italian) David SASSOLI, EP President, It is not just a matter of solidarity, but of convenience for all, given the profound interconnections of European economies.

Soundbite (Italian) David SASSOLI, EP President, The collapse of a country would inevitably have dramatic consequences on all the others. In this context, the Eurogroup's response must also be commensurate with the challenge.

Soundbite (Italian) David SASSOLI, EP President, Governments and citizens must have confidence in the strength of Europe that has accompanied us in seventy years of peace and collaboration.

Soundbite (Italian) David SASSOLI, EP President, And it is today more than ever that we must invest in our common future.