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  • German Finance Minister Olaf Scholz said Friday the European Union should activate the European Stability Mechanism (ESM) bailout fund to support states whose economies are hit the hardest by the coronavirus crisis. "My suggestion is to use existing instruments quickly and effectively" with a three-pronged plan based on the ESM, European Investment Bank (EIB) and unemployment reinsurance at the EU level, Scholz told the Funke newspaper group, while maintaining his opposition to "coronabonds" or jointly-issued debt. Euro area finance ministers are slated for talks Tuesday to chart the bloc's next steps in battling the economic fallout from the coronavirus. tgb/hmn/rl
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  • Germany backs using EU bailout fund in virus fight: minister
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