 Γεια σας, αυτό είναι Yens von Fakis με ένα μεγάλι από DM25. Είμαστε αυτοί, είμαστε στο μέρος της εξαιρετικής εξαιρετικής κρίσης, κυρίως, αλλά πριν μεγάλη, στην Ευρώπη. Λοιπόν, τι θα δει η Ευρώπη να κάνει σήμερα. Η πανδέμικη είναι η σύγχρονη και μεγαλύτη τέστον της Ευρωπαϊκής Πρόσκλησης στην ιστορία της Ευρωπαϊκής Ανθρώπης. Και ξέρεις τι είναι η Ευρωπαϊκή Ανθρώπης, λόγω στην τέστον. Η ιστορία της Ευρωπαϊκής Πρόσκλησης was meant to be a foundational principle of the European Union and yet never before has solidarity been so necessary and so absent from the European Union. COVID-19 has revealed the fundamental truth. Η Ευρώπη is only as healthy as its sickest resident and only as strong as its most bankrupted nation. And yet the European Union's leadership is paralysed by this beggar by neighbor and now sick and by neighbor mindset. The price of the failure will not be merely lives lost and livelihoods destroyed, but also the disintegration of the Union itself. So Dim25 has taken upon itself, like we've done before with the Green New Deal, to offer a three-point plan to protect all European residents, to avert an economic depression and to prevent the collapse of the Union. Our plan is premised on four facts. Public debt will and must rise. The precipitous fall in private sector incomes must be replaced by government expenditure. If it is not replaced by government expenditure then bankruptcies in the private sector will destroy much of Europe's productive capacity and therefore will deplete the tax base of European countries. Secondly, the wholesale rise in public debt must not divide Europeans further. The last Euro crisis, the ongoing Euro crisis, erects some of our country's fiscal position while improving the fiscal position of other countries. The results are there for all to see. We have different fiscal absorption capacities across the eurozone. Italy cannot absorb the crisis. Germany can a lot better. If the rising public debt, which is inevitable now, is not a shared burden across Europe, this new phase of the Euro crisis will destroy the last chance Europe has to hold together once the virus itself has been defeated. Thirdly, a Eurobond is essential. But the devil is in the details. Who is going to issue the Eurobond? And who is going to guarantee it? And fourthly, yes, a Eurobond is essential. But it's not enough. We need two more interventions. One by which to replace lost personal incomes that are threatening the lives and livelihoods of millions of Europeans. And secondly, we need a pan-European investment programme. We needed it before the coronavirus hit. We need it even more now to invest in public health, public goods and of course the green transition, which is the future for all of us. So let me come to the nitty gritty of the three steps that DiEM25 is now proposing. Step number one, the European Central Bank must be the institution that issues Eurobonds. Eurobonds of at least one trillion for 30 years. A long maturity Eurobond. Issued by the ECB. Why the ECB? Well, what institutions do we have that can issue Eurobonds? We have a European stability mechanism. We don't want that. It's a poisonous institution. Firstly, because in order to borrow from it, you need to be stigmatised by signing an MOU, Memorandum of Understanding, a Troika deal. You have to become Greece, in other words, to get a penny out of the ECM. But even if they waive that, the ESM bonds with which the ESM borrows on behalf of Europeans are a synthetic, toxic, CDO-like bonds. If you remember Lehman Brothers, the kind of bonds or CDOs that Lehman used to issue. We do not want the ESM. The second institution that could do it is the European Investment Bank, but we want to preserve the European Investment Bank for investment bonds, not for Eurobonds, the purpose of which is to shift public debt on the national accounts to Europe. And that leaves us with the only other institution that could do it, the European Central Bank. So this is exactly what we propose. That the European Central Bank issues a 30-year Eurobond of 1 trillion solely backed by the European Central Bank. That 1 trillion euros collected by the ECB will be used to replace national debt in proportion to the national recessions that we now have, and to a country's public health costs. Now, given the 30 years maturity of the ECB Eurobond that we are proposing, the European Union will have bought three decades. That's long enough to decide what we're going to do, how the ECB will be repaid. As far as we are concerned at the M25, there is only one solution. Some kind of federation, unification, a democratically elected European government, an accountable federal treasury that raises taxes and therefore repays that 1 trillion euros in the fullness of the 30 years that the European Union will have. If they don't do it, the European Union will not exist and does not deserve to exist in the next few decades. Okay, step number two. The second thing that needs to happen. The European Central Bank must simply place 2,000 euros It is really very simple. We need to refloat all boats at once, all citizens at once, in the most effective way. Whenever you put between a public fund and citizens, either a bank or a bureaucracy, most of the money doesn't get there and if it does get there, it gets there too late. But if the ECB credits through the commercial banks every bank account with 2,000 euros then suddenly we have a replacement of lost incomes for everyone. Don't let anyone tell you that this cannot be done. It was done two weeks ago in Hong Kong. The Hong Kong government placed 1,250 American dollars in the account of every resident of Hong Kong. The Australian government did this massively in 2009, that's why Australia was the country that never had a recession in the aftermath of the Wall Street collapse in 2008. It can be done and it is the only thing that would be effective. But let me tell you, we can't afford it. 2,000 euros for each citizen of a Euro area member state would come to 750 billion euros. Well, the other day Christine Lagarde, the president of the ECB announced exactly that, 750 billion euros. Except that she announced it as part of quantitative easing money that effectively will be lent to bankers. And let no one tell you that this is unfair because rich people will get it or people. At the end of the year, the tax authorities will look at the incomes of everyone and those who didn't need the 2,000, well, they can be taxed. And last but not least, I'm coming to the third step of our three-step plan. The European Union must create a European green recovery and investment program. To be funded by the European Investment Bank 5% of EU GDP should in bonds every year to be supported in the bond markets by the European Central Bank. This creates a very nice fund, nest egg of 600 billion euros every year to be invested in the things that society needs, like for instance the green energy union that we don't have and at which we should have public health, public education and the commons. The commons that there have been so badly depleted after years of neoliberalism and austerity. To make use of this money we need to establish a European green recovery agency in exactly the same way that the Americans in 1950 established the organization of European economic cooperation in order to administer the Marshall aid funding. So let me now conclude. The creation of the Europe back in the 90s set the European Union a path that led either to unification or to disintegration. There's no third endpoint. The Euro crisis was put on ice, but never cured. It was put on ice by the European Central Bank in the last 10 years. But this coronavirus has now made it impossible for the Euro crisis to remain frozen. The European Union will either unify to confront this unprecedented crisis along the lines of our three-step plan or I'm afraid it will perish. Once Deems' three-point plan has been implemented Europe will have a chance to become a genuine democratic union. The only other alternative is disintegration. Let us all now work together across different party political divides to make this a transnational movement that presses for these three essential, simple absolutely necessary policies that have a chance of bringing Europe together rather than letting it go to waste. Καπαιδία.