SIR – Each country of the European Union is now gripped by the growing threat of the coronavirus. The world watched this virus evolve and spread rapidly in China with calamitous consequences.
However, the EU and the world was very slow to encourage a co-ordinated response that would combat the spread of the virus. The EU did not react until we witnessed the daily fatalities rise in Italy as the country struggled in its efforts to contain the virus.
Individual countries began to implement their own strategies to battle the spread of the virus, but the reaction was perhaps a little slow and protracted.
In Ireland, nearly two hundred thousand jobs have already been lost as the government has appropriately closed schools, businesses, and banned public gatherings. Each county in the EU is now facing economic disaster as billions are required to confront the spread of the virus. In 2007/08 the citizens of this country bailed out the banks at a cost of €64bn and endured t10 years of austerity, increased taxes, and levies.
At the same time, the European Central Bank began a programme of quantitative easing by buying predetermined amounts of government bonds or other financial assets in order to add money directly into the economy. The primary main was to ensure that the banking system did not fail and to stimulate growth within the EU. It’s now time for the banks and other financial institutions to offer help and support to the citizens at their time of need.
The ECB must start printing money again but this time to help to save the health and mental well-being of all the citizens of the EU.
The ECB must pump money into the coffers of each State to assist in containing the spread of the coronavirus while also protecting the economic viability of the country and its citizens.