Europe needs debt mutualisation and a common "Marshall Plan" to recover from the coronavirus pandemic, Spanish Prime Minister Pedro Sanchez told newspaper Frankfurter Allgemeine Zeitung, even as
Germany dismissed calls for the debt-pooling idea.
EU leaders have tasked policymakers with finding a new way to finance a recovery from the COVID-19 outbreak, after Germany and the Netherlands ruled out calls from
France,
Italy and
Spain to create a common debt instrument.
Germany, among other nations, has long been opposed to issuing common debt with other European nations, arguing that it would stop individual countries from pursuing structural reforms and balancing their budgets.