Merkel says no to 'coronabonds'

Chancellor Angela Merkel on Thursday rejected demands by Italy for common euro zone bonds to mitigate the economic impact of the coronavirus pandemic, adding that Germany would back other instruments to help countries hard-hit by the crisis. "I spoke today with Italian Prime MInister Giuseppe Conte for a long time and we agree that there is an urgent need for solidarity in Europe, which is going through one of its most difficult hours, if not the most difficult," Merkel said.

"And Germany is ready for this solidarity and committed to it. Germany's wellbeing depends on Europe being well. Now, which instruments are fit for this purpose, here there are different views. You know that I don't believe we should have common debt because of the situation of our political union and that's why we reject this," she added during a news conference. "But there are so many ways to show solidarity and I believe we will find a good solution."