BUSINESS DAILY PODCAST April 3: Coronavirus pushes Europe to the edge

VOCABULARY

FINANCIAL TERMS ADJECTIVES NOUNS EXPRESSIONS

To issue Sturdy Counterpart To put your house in
emitir robusto Profligacy order
coronabonds Small-minded derroche To be flanked by
Credit worthiness Repugnant Ventilators To let something go
Capacidad crediticia Angering Protective gear down the plughole
Mutualisation of indignación Raison d'être Irse por el desagüe
debt Plentiful A beggar-thy- To brag about
To bail out abundante neighbour policy something
rescatar Bankrupt Dependiente del presumir
Yields vecino To capitalise on
intereses something
Spreads To muddle through a
Economic fallout situation
Efectos económicos Apañarse en una
European Stability situación
Mechanism (ESM) To cough up money
Entregar dinero
To club together
Share cost

* A useful structure: ‘So much so that …’ Eg. I gradually became addicted to gambling; so
much so that I had to seek professional help

LISTEN to the programme, presented by Manuela Saragosa

GIUSEPPE CONTE (Italian Prime Minister) (0.55)

1 Who was Conte addressing, and what was the essence of his message?

German tv, direct appeal. He is asking for financial help. He said that we are writing a historical
page because we are facing a devastating catastrophe.

2 Who are the ‘Frugal Four’?

German, Neederlands, Finland, Austria

3 How would coronabonds work?

Every country works with its own financial debt in international marks, so there are countries
with high credit worthiness and they pay less yields and other with low level of credit
worthiness and they pay high yields. Coronabonds means that all European countries wok with
the same level of credit worthiness and pay the same level of yields. That means esencially
that the credit worthiness of Europe will be stabilises with the German rate because is the
country with the highest credit worthiness

Clubbing together in the finantianal market. This will give Spain and Italy back

4 What is the Dutch Finance Minister sceptical about?

He asked why the governments in the countries in the South had not done more in order to
put their financial house in order before the pandemics hit

5 What criticism does a German Central Bank official make of coronabonds?

This official stabilised a parallel, he put forward that issuing coronabonds would be like giving
someone a credit card without knowing what there are going to spending it.

6 What was Giuseppe Conte’s reaction?

He argued that issuing coronabonds not mean that the German citizens are going to pay the
Italian debt, only mean that a there is a global answer in Europe in front of the pandemic and
that everybody can be benefit for this unifying response.

7 The Portuguese reaction; how did Antonio Costa describe the Dutch Minister’s comments?

Repugnant, small-minded and a threat to the future

8 What is the message emerging from hashtagged videos?

We will save ourselves

Burning European flats with the anthem of Italy

A message from GABRIELLA (3.50)

1 Who is she and how does she feel?

Doctor in Rome, upset, hypocritical

In times of plentiful they have tourist, specially from the North countries, enjoying hospitality,
food. Life style

When we need that people in order to get ventilators, medical stuff, protective gear

2 What is the tone of her final sentence?

It sounds like a threat

ANTONELLO GUERRERA (London correspondent, La Repubblica) (5.00)

1 What does the latest data from the Eurostat poll reveal?

Italia is the most Euroskeptical country in Europe, one of the founders members
2 Why does he say we are ‘at a crossroads’?

Because even in this special situation European Union is unavaible to give a unified response to
tackle the emergency

3 What could Italy ‘become prime ground for’?

Italy become prime ground for M.Salvini anti-european discourse.

4 What message is the Italian government giving out?

It is welcome the aid of non-traditional allies. Italy can turn to Rusia, China and Cuba

5 How does he describe Italy right now?

He is worry. Italy is a time bomb..

6 What other factor makes this moment ‘absolutely crucial’?

The south is especially delicate, poor. Presence of mafia

DR. JEROME ROOS Fellow in International Political Economy, LSE (8.40)

1 Does he think the measures applied in 2011 could be effective now?

Different type of economic shock. We need a different approach.

Increase of unemployment

2 What is the Dutch government’s immediate concern about helping out the south?

Profligacy in the south.

3.How does he characterise popular Dutch resistance to a collective economic effort?

And there is a local an internal question in the Dutch government, they think that if they do
not take a strong position its central-right electors are going to move to the right

4 What does Dr. Roos say about the capacity of the ESM?

It can not deal with the shock

Spend collectively

5 Could Dutch resistance to bailing out southern European economies wane?

Yes, Merkel is pragmatic. If she achieve compromises from the south countries she would
change her position and the Dutch will have to go alone as well

CLEMENS FUEST President of the Ifo Institute , Germany(12.55)

1 What initial steps should be taken to convince German people?

-discuss the real meaning of coronabonds

-what rules are going to work with coronabonds

-what other instruments we can use to show solidarity

2 What differences are there in the attitude and feelings of people in Germany and the
Netherlands?

-German assumes the necessity of solidarity and any kind of financial aid

-Netherlands bets for transfer money, a sort of gifts

3 Is the EU in mortal danger?

He disagrees, the thinks is exaggerated.

To show solidarity is an important political message.

It is not plausible to leave EU