April 9, 2020 / 8:32 PM / 2 months ago

Key EU states agree coronavirus economic rescue -text of draft deal

BRUSSELS (Reuters) - European Union countries on Thursday evening agreed the emergency credit lines from the euro zone’s bailout fund “will be available until COVID-19 crisis is over”, a draft of their deal read.

Afterwards, euro countries should remain committed to strengthening economic and financial fundamentals, said the text, which no longer meant accessing the special credit lines would require meeting certain macroeconomic criteria.

The deal on EU coronavirus economic rescue - agreed by the bloc’s finance ministers - also deferred to national leaders whether “innovative financial instruments” should be used to finance recovery.

That phrase “innovative financial instruments” is used by advocates of debt mutualisation to move away from the divisive notion of “coronabonds” while putting down in writing effectively the same idea.

Reporting by Gabriela Baczynska; Editing by Chris Reese

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