After much criticism, the Dutch government now wants to give a 'gift' to other European countries that are grappling with the coronavirus outbreak, including Italy and Spain.
The pandemic is also shaking the foundations of the European Union.Data out Thursday morning showed that 898,822 workers have lost their jobs in Spain since the lockdown began on March 12.
The pandemic is also shaking the foundations of the European Union — the political and economic group of 27 countries — by resurfacing an old divides between northern and southern nations. The Netherlands, with a current account surplus and a debt-to-GDP ratio below 60%, is one of the few EU countries that has respected the bloc's fiscal rules in recent times. With its fiscally-conservative approach, the country took the leadership of the "Hanseatic League" a few years ago. The informal group of northern EU nations has pushed back against significant steps for euro zone integration.
"Having a fund for, let's say, five or 10 years — with a limited timeframe — and with the possibility of having common debt but only within that fund, which might be more acceptable for other countries, might be a solution," Le Maire told the newspaper.
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