Europe: Coronavirus outbreak exposes North-South divide
The coronavirus outbreak has exposed a rift exist between the Southern Europe and Northern Europe.
Italy and Spain – the worst hit countries – are angry with the northern nations, which is led by Germany and the Netherlands, as the latter has done not much to support the former.
Spanish Prime Minister Pedro Sánchez has warned of serious consequences. As per his statement, if the EU fails to come up with a applicable plan to surmount the financial burden fallen up on the worst hit countries, the European Union economic bloc will fall apart.
As an attempt to cool down the tension, some EU frameworks have assured that they would come up with a powerful plan soon.
Unfortunately, a meeting happened two weeks ago to discuss this matter miserably failed to bear any fruit.
What Italy, Spain, France and some other EU states want is to share out coronavirus-incurred debt in the form of “coronabonds” – mutualised debt that all EU nations help pay off.
The problem here is that not all countries – especially some powerful countries in the northern part of Europe like Germany – are happy with the mutualised dept idea.
Whether this crisis contributes to the collapse of the decades-old Economic Union exist in the continent of Europe is yet to be seen.
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