Letter to EU Institutions leaders
Euroconsumers is sending a letter to the EU leadership calling for the timely establishment of a dedicated common debt instrument, also known as “coronabonds”.
Brussels, 3rd April 2020 – The COVID-19 pandemic is proving to be the biggest socio-economic disruptor in Europe since the Second World War. As any extraordinary crisis, it calls for the implementation of extraordinary measures. Therefore, today Euroconsumers and its National Organizations (Altroconsumo in Italy, OCU in Spain, DECO Proteste in Portugal, Test Achats/Test Aankoop in Belgium and Proteste in Brazil) are sending a letter to the EU leadership calling for the timely establishment of a dedicated common debt instrument, also known as “coronabonds”.
According to our recently published survey, the coronavirus outbreak has already caused lasting economic damages throughout Europe. According to our calculations, total losses due to the COVID-19 outbreak amount, to the present day, to €1.4 billion in Belgium, €12.3 billion in Italy, €1.4 billion in Portugal and €6.3 billion in Spain. This is only the beginning. Every day the situation becomes more serious, with experts claiming the worst is yet to come.
It is critical to note that no single Member State is at fault for the outbreak of this crisis. The coronavirus is a disease that targets rich and poor, North and South indiscriminately. Indeed, COVID-19 is a pan-European issuing, which requires an EU-wide solution. We trust that the issuing of coronabonds could help raise the necessary funds to ensure the long term stability of the Single Market. It would protect businesses, the healthcare system and the purchasing power of households.
For Euroconsumers it is also clear that when we recover from this crisis, we cannot go back to business as usual. Instead, we need to choose the greener path towards rebuilding a more sustainable future. At Euroconsumers, we are ready to play a leading role in rebuilding a more sustainable future. Our ambition is to help create an economy and society that is “ Approved by Tomorrow”. It will be a long and arduous journey, but Euroconsumers with its member organisations are ready to do their part. We ask the EU leadership to not let us down. Read the letter here