MEPs call for concrete details and novel tools to address the economic crisis


(Markus Winkler, Unsplash)

This article is brought to you in association with the European Parliament.

MEPs on Monday quizzed Commissioners Dombrovskis and Gentiloni on planned measures to tackle the looming economic crisis due to COVID-19.

Opening the discussion held within the Economic and Monetary Affairs Committee, Committee Chair Irene Tinagli (S&D, IT) underlined that although the measures agreed by the European Council were to be welcomed, more was needed, including fresh funds. “At stake is more than solidarity”, Ms Tinagli said, explaining that “the divergences that risk being created could lead to unprecedented pressure for the European Union”.

The divergences on the horizon were highlighted by both Mr Dombrovskis and Mr Gentiloni, who agreed that this was the primary reason that more measures were needed to help the hardest hit regions and countries.

The devil is in the detail

Various MEPs asked for more details on the planned interplay between the EU’s long-term budget and the envisaged recovery fund. Many also wanted to find out more about how the recovery fund would function, especially regarding what proportion would consist of grants. Questions were also asked regarding the mechanism for allocating the fund’s money between the countries.

Finding the middle ground

Some MEPs raised concerns that, however they were named, the measures being considered would invariably take the EU down the road of mutualising debt in one form or another. On the other hand, other MEPs argued that the ideas on the table did not seem credible or useful. Not credible because leveraging guarantees with funds from private investors would be very difficult in times of crisis and not useful because some countries could not afford to be saddled with further debt.

No stone unturned

A few MEPs underlined the need, now more than ever, to ensure that the EU does all that it can to ensure that tax fraud and tax havens are tackled more effectively. This would ensure that more money would be available to deal with the fallout from COVID-19.

You can catch up with the debate here.

the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Brexit negotiations: back to square one, tougher words, no good faith

The big challenge of leadership and entrepreneurship in Europe

The metamorphosis of the categorical imperative in medical students

Customs Union: Fake and potentially dangerous goods worth nearly €740 million stopped at EU customs in 2018

Cyprus President urges collective leadership to address ‘root causes’ of world’s crises

Dreaming of China

Lives at risk if wireless technology demands are not held in check: UN weather watchdog

The dark side of Diwali, festival of lights

5 amazing schools that will make you wish you were young again

The Challenger Within – Mental Health In Romania During Lockdown

Attack on UN compound in Somalia may be ‘violation of international humanitarian law’

How the digital finance revolution can drive sustainable development

Malaria could make a comeback thanks to COVID-19

Hydrogen isn’t the fuel of the future. It’s already here

Protect women’s rights ‘before, during and after conflict’ UN chief tells high-level Security Council debate

‘Hateful attacks’ pushing Sri Lanka backwards, UN advisers warn, urging an end to ‘discriminatory practices’ that feed intolerance

China by numbers: 10 facts to help you understand the superpower today

Joint press release: Republic of Korea – EU Leaders’ video conference meeting

Two women threaten to tear the world apart

US life expectancy is falling – here’s why

Medical students, climate change and health: an unorthodox combination

Here’s how to achieve growth in the Middle East and North Africa

‘Democratic aspirations of the Sudanese people’ must be met urges Guterres, following military removal of al-Bashir from power

Hope for ‘long-elusive progress’ in negotiating peace in eastern Ukraine

These 3 countries are global offshore wind powerhouses

Data protection: Commission decides to refer Greece and Spain to the Court for not transposing EU law

Climate experts pledge to scale up high-altitude fight against mountain melt

European Parliament approves more transparency and efficiency in its internal rules

Currency Union might not let an independent Scotland join the EU as the “Yes” front now leads

MEPs condemn attacks on civilians, including children, in Yemen

FROM THE FIELD: Crisis in Kassala FROM THE FIELD: Crisis in Kassala

Why press freedom should be at the top of everyone’s agenda

ECB should offer more and cheaper liquidity if Eurozone is to avoid recession

Managing and resolving conflicts in a politically inclined group of team members

Is Britain to sail alone in the high seas of trade wars?

TTIP wins Merkel’s endorsement ahead of 2016 tough deadline

As ride-hailing firms drive into the future, who is being left behind?

EU economy: Between recession and indiscernible growth

Germany: A grand coalition may trouble employers and bankers

UN Envoy ‘confident’ deal can be reached to avert further violence around key Yemeni port city

Thursday’s Daily Brief: Albinism, displacement in Central America, family-friendly nations, updates on the Gulf and Darfur

Our tourism system is broken – time to customize

JADE visits Lithuanian Junior Initiatives

Donald Trump’s victory is a great opening for global EU leadership on the sustainability agenda

Turkey to let EU alone struggle with the migrant crisis while enhancing its economic ties with Russia instead?

COVID-19 lockdown hits working mothers harder than fathers

Companies can help solve water scarcity. Here’s how

Girls groomed for suicide missions fight back against the extremists of Lake Chad

In Japan, if you’re 76 you’re biologically 65

A Sting Exclusive: “Regulators and the shipping industry collaborating for a sustainable future”, written by the Secretary General of IMO

David Cameron’s formal letter/threat that officially opens pandora’s box for the UK

UN launches new project to address link between terrorism, arms and crime

UN conference agrees better ways for Global South countries to work together on sustainable development

‘Global clarion call’ for youth to shape efforts to forge peace in the most dangerous combat zones

What are we actually working for?

Malta: investigation risks being compromised while Prime Minister is in office

How 5G can connect the affordable homes of the future

EU approves disbursement of €500 million in Macro-Financial Assistance to Ukraine

MEPs back update of rail passenger rights across EU

Inequality threatening human development, new global UN report warns

More Stings?


Speak your Mind Here

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s