Juncker conceded that the creation of such a new financial instrument would require a lot of preparatory work. According to Juncker, the reason for the slow progress in negotiations between EU member states is due to the inability of heads of states and government representatives to meet in person.
Mainly the Netherlands and Germany are currently refusing the idea of collectively taking on debt in order to help countries severely affected by the pandemic.
Juncker also added that Germany's closure of borders left a bitter aftertaste.
