Italy & Spain Meet Ahead Of Crucial EU Covid Recovery Fund Summit
The Italian prime minister, Giuseppe Conte, flew into Madrid yesterday to meet Pedro Sanchez his Spanish counterpart at his Moncloa residence to discuss their countries’ joint strategy for the forthcoming summit on the European Union’s covid recovery fund.
The two EU countries hardest hit by the coronavirus pandemic have found common ground in their battle to convince other EU members to increase loans and grants to kickstart the Eurozone economy.
The recent IMF report said that both countries will be the hardest hit with economic contractions of 12.8% each in GDP for 2020.
However although Spain and Italy have some support within the EU block, they face significant opposition from the so-called “frugal” countries of Austria, the Netherlands, Sweden and Denmark who are campaigning for a much reduced package instead of the €750 billion fund announced by the EU Commision President Ursula Von Der Leyen last month.
Both leaders will be meeting other EU heads as they attempt to build support for their position ahead of the Summit hosted by Germany who hold the current EU Presidency.