Gold jewellery shoppers in Dubai usually opt for a wait-and-watch approach when prices hit record peaks
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EU finance ministers agreed a 500-billion-euro (Dh2 trillion) rescue Thursday for European countries hit hard by the coronavirus epidemic, but put aside demands from Italy and France for pooled borrowing.
The breakthrough came after the Netherlands softened its position on the crucial question of making needy countries commit to economic reform and outside oversight in return for assistance.
The Hague had blocked the talks two days earlier by insisting that Italy, or any other country in need, deliver on governance targets -- which Rome saw as a shocking demand during a health crisis.
"Today we answered our citizens call for a Europe that protects," Eurogroup chief Mario Centeno said after the talks.
"This response contains bold and ambitious proposals that didn't seem possible just weeks ago," added Centeno, who is also Portuguese finance minister.
As a compromise, the final statement clearly states that the rescue would be specifically earmarked for costs related to the Covid-19 crisis, which has killed more than 65,000 people in Europe.
The ministers, however, set to one side a proposal from Italy, Spain, and France for a joint borrowing instrument, sometimes dubbed a "coronabond", that would have raised money towards a recovery after the outbreak.
Germany, the EU's most powerful member, has refused the pooled debt proposal and ministers agreed only to "explore" the idea under the direction of EU leaders, who are set to meet later in the month.
The package agreed is worth about 500 billion euros (Dh2 trillion), short of what many observers believe is necessary to restart the European economy when the health crisis recedes.
Data indicate that the economy across the continent is already in a historic meltdown, with everyday life paralysed to fight the spread of the virus.
Despite 19 EU countries sharing a common currency, member states have reacted unilaterally to save their economies, giving richer countries such as Germany a big advantage over those with less spending power.
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