Italy PM calls for EU solidarity in support of coronabonds
CGTN
Italian Prime Minister Giuseppe Conte addresses a press conference on the second day of the North Atlantic Treaty Organization (NATO) summit in Brussels, Jul. 12, 2018. / VCG

Italian Prime Minister Giuseppe Conte addresses a press conference on the second day of the North Atlantic Treaty Organization (NATO) summit in Brussels, Jul. 12, 2018. / VCG

Italy's Prime Minister Guiseppe Conte has reiterated calls to have the European Union issue common euro zone bonds to demonstrate the bloc's solidarity in tackling the coronavirus crisis.

Germany's Sueddeutsche Zeitung reports Conte to say that issuing such bonds was not about socialising previous or future individual Italian debt.

The 55-year-old said Germany and the Netherlands must change their views to signal that Europe speaks as one, adding he wanted the joint bonds to be specifically applied and limited in time.

Germany, Europe's biggest economy, flanked by the Netherlands, has said it does not consider common euro zone bonds the right way to support health spending and economic rescue packages in the 19-nation euro currency bloc.

Berlin wants to tap the European Stability Mechanism (ESM) instead, while the European Investment Bank (EIB) could also step up efforts to give struggling companies loan guarantees.

EU heads of governments are due to hold a video summit over how to tackle the economic fallout of the crisis on Thursday, where differing views on coronabonds, mostly demanded by southern EU member states, are expected to be voiced.

Source(s): Reuters