IKV Chairman Ayhan Zeytinoğlu stated that the crisis triggered by the coronavirus pandemic has exerted a great pressure on the EU's solidarity principle and emphasised that the extent to which the EU would stick to this principle would be critical for the future of the Union. Indicating that the European Commission’s proposal for a 100 billion-euro unemployment reinsurance scheme would be a positive step, IKV Chairman Zeytinoğlu said that the “corona bonds” should also be made available. Stating that although the impact of the coronavirus pandemic varied across EU Member States, negative effects would be felt throughout the EU, IKV Chairman Zeytinoğlu underscored that it was imperative for the EU to formulate common policies to get out of the crisis. Chairman Zeytinoğlu continued as follows:

“Like the whole world, the EU is facing a major crisis. The coronavirus pandemic is first and foremost a health crisis. The COVID-19 virus, which is rapidly transmitted and has an 11 percent mortality rate according to the latest data from Italy, has created unprecedented pressure on healthcare systems. In this sense, the EU was too late in the delivery of medical products such as protective equipment and ventilators to the countries most affected by the crisis. Especially in Italy, this has created the impression that the EU has left them alone. Later, as of 16 March 2020, the Commission has stepped in. In addition to measures such as the imposition of an EU-wide travel ban, a strategic stockpile of medical equipment was created to combat the pandemic. Some patients from Italy and France were sent to Germany for treatment. However, the fact that countries such as China and Russia moved more quickly than the EU to send medical aid to Italy and together with well-designed propaganda revealed that the EU was late in creating an impression. Despite the delay, the EU is trying to get ahead in this field.”

Stressing the economic dimension of the crisis, IKV Chairman Zeytinoğlu highlighted that the EU should deal with the economic and social impact of the crisis by and taking the necessary measures in the Euro Area:

“The economic effects of the coronavirus pandemic are felt and will continue to be felt in waves. Production in many countries and sectors has slowed down and has come to a halt. Consumption behaviour has changed. In some industries, production has shifted to manufacturing of equipment such as protective masks. Trade networks have been adversely affected. When we look at the EU, the crisis in the economy is hitting all countries. However, countries with high budget deficits such as Italy and Spain will be even more negatively affected. In the first place, the rules foreseeing strict fiscal discipline in the Euro Area have been relaxed. However, to meet the borrowing needs of countries such as Italy and Spain, the introduction of common bonds called ‘corona bonds’ can be an important step. The corona bonds proposal recently put forward by nine EU Member States was rejected by the Netherlands, Germany, Austria and Finland. This is an extremely negative development for the future of the Euro Area. These countries should keep in mind that Euro Area countries such as Italy and Spain experiencing a major economic crisis would also affect the others. Either they will come out of the crisis together or they will not be able to come out at all. The European Commission’s proposal for a 100 billion-euro unemployment reinsurance scheme is a positive step. The proposal, which will make the establishment of a support mechanism to counter rapidly increasing unemployment, should be supported.