Open Access BASE2020

The case for corona bonds : a proposal by a group of European lawyers

Avbelj, Matej; Baraggia, Antonia; Bast, Jürgen; Bugarič, Bojan; Castellarin, Emanuel; Costamagna, Francesco; Farahat, Anuscheh; Goldmann, Matthias; Mangold, Anna-Katharina; Savino, Mario; Thiele, Alexander; Viterbo, Anna

Open Access

Abstract

Governments, economists and intellectuals have called for common European bonds or increased own EU funds to address the recession induced by Covid19. Unfortunately, the German government, joined by the other members of the "Frugal Four" (Austria, Finland, the Netherlands), has categorically rejected to look into any such measures and favours using the ESM. This reaction created a déjà vu experience for citizens and governments of the heavily affected southern Member States of the EU. The proposal to use the ESM raises fears of another wave of austerity amounting to yet another lost decade for economic, social, and ecological development in Europe.

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