To: Members of the Eurogroup
Europe and the rest of the world are experiencing an unprecedented crisis. Every member state of the European Union is hit by COVID-19. This is not a time for going in different directions. Europe needs to act together in this historical moment to make sure no one is left behind. This is why coronabonds are so important.
The European Union is a political project created to overcome difficulties, based on solidarity among the citizens of this continent. Our common project is tested by our capacity to act jointly and overcome this crisis together. Our future lies in a European recovery.
After years of austerity and underfunding of basic public services, many European healthcare systems are beyond the limits of their capacities. Doctors should never have to decide who gets to live and who doesn’t. Public investments are therefore urgently needed. Investments into healthcare, investments into basic necessities, investments into social security. Coronabonds make these investments possible.
Coronabonds would be an instrument for financing public investments that all Eurozone countries will have to face during and in the aftermath of the crisis. The bonds would allow the European Union to issue common public debt for which the risks are jointly carried by all Eurozone countries. A crisis that knows no borders requires measures of unity and solidarity.
If the European Union does not manage this crisis together, we will see increasing inequalities, mass unemployment, and big difficulties in funding healthcare and other public services across the EU. This would put the entire European project at risk, for which all Europeans would pay an immense price.
All European countries are in the same boat during this crisis. A joint response and recovery is in the interest of Europe as a whole - in particular regular people whose jobs and economic security are at risk if we do not act swiftly. It is time for European decision-makers to send a clear message to us citizens: "Europe will face and overcome this crisis together". It is a matter of necessity, solidarity and survival.
We therefore demand the urgent introduction of coronabonds issued by the European Union in order to finance our common response to the crisis.