Cypriot President Nicos Anastasiades took part in a video conference with the EU leaders, as the bloc sought to find common ground on how best to share the burden.
During a long video conference on Thursday evening, EU leaders called on the European Commission to come up with a plan to revive national economies as countries would soon prepare to exit lockdown measures.
According to the Cyprus News Agency, government spokesman Kyriakos Koushos issued a written statement saying “the EU leaders are discussing the current COVID19 crisis, the medical equipment to be send to member states, the financial repercussions of the crisis, EU citizen repatriation and the medical research on the pandemic.”
But foreign media also pointed out disagreement between members over shared borrowing, with President of the European Council Charles Michel saying eurozone finance ministers will need to draw up proposals for economic relief by early next month.
According to foreign media, some member states have called for the immediate introduction of 'coronabonds,' shared debt backed by all eurozone countries
Michel, who chaired the third EUCO video conference for the COVID19 pandemic, said the ministers had to come up with plans within two weeks.
“This crisis is exceptional and unique, and requires a very strong answer," Michel said after the summit.
But reports suggested there was division over whether to use all economic tools at their disposal before or after the crisis, in case a second wave of infections could overpower national systems.
According to foreign media, some member states have called for the immediate introduction of “coronabonds,” shared debt backed by all eurozone countries.
The money could be used by hardest-hit states by borrowing at sustainably low interest to meet growing demands in spending for hospitals and measures to stop businesses going bankrupt.
But other countries expressed concern over vulnerable countries losing incentives in controlling their deficits, according to foreign media.
EU Commission President Ursula von der Leyen said on Twitter before the video conference that unprecedented events call for unprecedented action.
“Fast, massive and coordinated global action is necessary on the health and economic fronts to save lives and avoid a further economic crisis,” she wrote.
After the meeting, the president highlighthed “exit strategy” and “recovery plan” as two main points following the conference.