French President Emmanuel Macron believes that issuing joint debt to combat the financial impact of the covid-19 pandemic - something equivalent to what has become known as coronabonds - is decisive for the European political future, and warns that rejection this option can not only ruin the European "political project" but also empower populists on the Old Continent.
"If we fail to do this now (the issuance of coronabonds), populists will win - today, tomorrow, the next day, in Italy, in Spain, perhaps in France and elsewhere," says Macron, speaking to the Financial Times.
For the French president, "there is no choice" but to create a fund that "can issue common debt, with a common guarantee" to finance Member States according to the needs of their respective economies - an idea that the Germany and the Netherlands were opposed.
Macron calls this a "moment of truth" when it comes to understanding whether the European Union is more than a single market, and warns that the lack of solidarity will probably result in populist fury in southern Europe.
"I believe that Europe is a political project. If it is, the human factor is the priority and there are notions of solidarity that are at stake… the economy follows that, and let's not forget that the economy is a moral science ", argues the French president.
France advocates the creation of a joint fund or the allocation of European funds of around 400 billion euros, in addition to the aid already announced. Italy and Spain are among the member states that support this initiative, but Germany and the Netherlands argue that a mutualisation of debt is equivalent to their taxpayers paying the debt of other countries. There will be a videoconference next Thursday where European leaders will again debate the tools available to counter the crisis resulting from the coronavirus.