MADRID (Reuters) - European Central Bank policymaker Pablo Hernandez de Cos called on Friday for common actions within the European Union to address capacity to share budgetary risks in the face of the current coronavirus outbreak.
Joint fiscal actions in face of common shock would not only ensure maximum efficiency but embody the values of solidarity of the European project, De Cos said as part of an article published in the EUROFI Magazine and distributed by the Bank of Spain.
De Cos, who also heads the Bank of Spain, said that though the COVID-19 pandemic was likely to be transitory, speed and scale of response to crisis and the ability to work together would determine the strength of recovery.
On Thursday, European Union leaders agreed to build a trillion euro emergency fund to help recover from the coronavirus pandemic, avoiding another all-night bust-up but leaving divisive details until the summer. [nL5N2CB12L]
Reporting By Jesús Aguado; Editing by Sonya Dowsett