Solidarity in crisis
The idea of a joint borrowing tool to help Europe get back on its feet and reboot the economies of its member-states after the devastating impact of the coronavirus pandemic is extremely important.
However, if the discussion on the European Stability Mechanism’s credit lines is conducted in a spirit of moral indignation and colored by the mood from the previous financial crisis, this will simply serve to stoke the destructive forces of Euroskepticism. It will make the European Union appear driven by selfish motivations, even in the face of this unpredictable and universal threat.
Europe needs more than liquidity; it needs to confirm that its founding principles can survive this ordeal.