A talk convened for European Union finance ministers on how to help those European countries badly affected by the coronavirus epidemic – especially those in the southern region of the continent – have collapsed in the last moment.
As per a latest statement made by the European Central Bank, the European Union may need up to €1.5tn to tackle the crisis.
The talk has stalled as a severe dispute has emerged between the Southern European country of Italy and the Northern European country of the Netherlands – which is comparatively less affected by the epidemic – over how to apply the recovery fund.
As per a latest report, the negotiation process is likely to resume in few hours, as the EU is keen to find a solution to the issue as early as possible.
Earlier, a senior European minister expressed his doubt about the longevity of the economic union. He warned of serious consequences.
The union has not yet responded to any criticism. It has recently reaffirmed its commitment towards its member countries, saying that it would come up with the solution to the present crisis soon.
Whether this crisis will lead to the collapse of the decades-old union is yet to be seen.
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