Get ready for the biggest, baddest budget the EU has ever seen
EU national leaders on Thursday directed European Commission President Ursula von der Leyen to draw up plans for a new long-term financial blueprint for the bloc that would also drive an economic recovery from the coronavirus with a combination of loans and grants.
While von der Leyen said she viewed the idea as the only viable solution, it is far from clear that leaders on the European Council will ultimately accept what the Commission puts forward, especially the higher national contributions that will be required at a time when all EU economies are now contracting and some headed for deep recessions.
Some EU countries such as Germany and the Netherlands have strongly resisted calls for some new form of joint debt instrument, insisting that ultimately each nation should be responsible for its own balance sheet and that it would be wrong to create entanglements that even theoretically could put credit ratings at risk, or lead to unexpected liabilities.
He said adding further debt on hard-hit countries would be counterproductive. "It doesn’t rise up to what is needed because these loans will be added to the debts that these countries have already," he said. "I think in the moment we are going through, these transfers must be transfers, real budgetary transfers." But Macron added, "On that, there is no consensus today.
Reaching agreement on the MFF is always excruciatingly difficult and an initial effort led by Michel at a summit in February failed to clinch a deal. Many officials and leaders also believe that it will be impossible to reach an agreement without a physical summit where heads of state and government can negotiate face to face. But it is not clear when the health situation will permit such a gathering.
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