Economics
Euro-Area Finance Chiefs Told to Guard Against Breakup Risk
- Comments in letter to ministers ahead of April 7 meeting
- EU leaders gave Eurogroup two weeks to come up with proposals
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The euro area will inevitably come out of the coronavirus crisis with much higher debt levels and government policy must take care to prevent this threatening the currency bloc with fragmentation, one of the region’s most senior finance officials said.
In a letter sent to European finance ministers and seen by Bloomberg, Eurogroup President Mario Centeno cautioned his peers that the budgetary costs of the pandemic will be commensurate with the “colossal shock” of the outbreak.