Today, the Green MEPs of the Economic and Monetary Affairs Committee in the European Parliament presented their proposal for a European fiscal response to the Corona crisis. The Greens are the only group in the European Parliament with a common position on this issue. They are calling for the issuance of common corona bonds with long maturities of 1 trillion euros by an EU fund, guaranteed by the Member States and jointly established by the European Parliament and the Council of Ministers through co-legislation. The Green proposal builds on the French government\u2019s intergovernmental proposal and extends it to include democratic co-decision by the European Parliament. The proposal could be adopted quickly, also a more limited group of member states would be possible. In the context of the Corona crisis, the funds would allow expenditure where it is most needed. After expiry, the bonds would be repaid jointly by the Member States in proportion to their respective economic strength. In this way, Europe could provide aid for the direct costs of the corona crisis and support the stabilisation and restart of the European economies. Seven leading economists from Germany have put forward a comparable proposal and there are several similar proposals at European level. Tomorrow, decisions by the Eurogroup on the European fiscal response to the Corona crisis are expected.<\/p>\n
MEP Sven Giegold, financial and economic policy spokesperson of the Greens\/EFA group commented:<\/p>\n