Here's what European Union finance ministers agreed on during a crunch meeting on their economic response to the coronavirus pandemic.
First, the member state finance ministers welcomed a raft of national, go-it-alone spending plans that have proliferated across the continent, amounting to a total of about 3% of the EU's total gross domestic product, or nearly 600 billion euros.
The ESM has a total strike force of about 420 billion euros but, in exchange for help, governments in need must implement reforms and endure the scrutiny of auditors sent to national capitals by the EU. These instruments – dubbed"coronabonds" by Rome – would pool borrowing by eurozone countries to spend on the economic recovery after the coronavirus outbreak recedes.
"There is a majority against eurobonds, majority against debt mutualization, there is a deliberately vague text," he said.
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