2 ★ FINANCIAL TIMES Tuesday 7 April 2020
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[email protected]CORONAVIRUSSA M J O N E S— ZURICHAustria has set out plans to become the
first country in Europe to ease its lock-
down against the pandemic, with shops
duetoreopenasearlyasnextweek.
Sebastian Kurz, the chancellor, pre-
sented a timetable yesterday to restart
the economy, detailing phased steps to
normalise life while minimising the risk
ofasurgeinnewinfections.
With many countries battling to hold
down cases of Covid-19, Austria’s deci-
sion is being seen as either a bold
attempttobalancepublicandeconomic
health or a gamble that prioritises the
latter.Several European countries have
examined how best to wind back con-
tainmentmeasures,butfacedwithhuge
uncertainties many have yet to commit
toanyclearstrategy.
As well as pledging a gradual lifting of
restrictions on public life, the Austrian
plan also makes clear that months of
controlmeasureslieahead.
Mr Kurz urged people to cancel plans
to celebrate Easter this week and
stressed that restrictions could be eased
only if rules were obeyed. “Keep to the
measures, avoid social contacts, keep
yourdistanceinpublicspace,”hesaid.
According to the timetable, small
shops, DIY stores and garden centres
will be allowed to open from April 14.
Other businesses deemed slightly
higher risk, including hair salons, will
reopenonMay1.
The government said there was a pos-sibility restaurants and cafés would be
allowed to start operating again in mid-
May, but declined to give an exact
date. Public events will be banned until
July and no date has been set for schools
toreopen.
The requirement for people to wear
face masks will be extended, ministers
said. In addition to their mandatory use
in supermarkets and other shops, they
mustbewornonpublictransport.
Austrian authorities have so far con-
firmed 12,206 cases of coronavirus.
Aggressiveenforcementofcontainment
measures, such as fines of thousands of
euros, and well-resourced medical facil-
ities, including one of the highest num-
bers of intensive care beds per capita in
Europe, have helped Austria curb the
impactofthevirus.
The growth rate of daily new infec-
tions has slowed to 2.8 per cent frommore than 40 per cent in mid-March,
health authorities reported on Sunday.
Mr Kurz’s handling of the pandemic,
and the performance of Rudolf
Anschober, his health minister from the
Green party, have won plaudits at home
andabroad.
Austria’s fight against the virus has
not been without difficulty. The moun-
tainous western region of Tyrol is one of
theworst-afflictedareasinEurope.
Ski resorts in Tyrol, packed with par-
tyingtouristsfromacrossthecontinent,
stayed open for days even after the first
cases of coronavirus were confirmed
thereearlyinMarch.
Some, such as Ischgl, have become
bywords for politicians putting eco-
nomic interests above public health — a
charge Mr Kurz’s gambit to reopen the
economy may yet encourage if infec-
tionstickupasrestrictionsarelifted.Control measures
Austria prepares to relax lockdown
Vienna takes European
lead with phased openingof shops from next week
G U Y C H A Z A N— BERLINNine years ago, Michael Hüther, one of
Germany’s leading economists, poured
scorn on the idea that the eurozone
could issue common bonds to deal with
theburgeoningsovereigndebtcrisis.
Pooling liability meant “giving up
your national fiscal policy”, the head of
the German Economic Institute in
Cologne said. Such “eurobonds” would
act as a “negative incentive”, rewarding
southern European countries for their
lackofbudgetarydiscipline.
Yet with the onset of the coronavirus
pandemic, Mr Hüther has had a dra-
matic change of heart. Late last month
he was one of seven prominent German
economistswhocalledoneurozonegov-
ernments to issue €1tn in joint “Euro-
pean crisis bonds” to help the countries
worstaffectedbycoronavirus.
Eurozone member states should be
“spreading the costs of the crisis as
broadly as possible”, they said. “The
bonds would send a strong signal that
Europe stands together” in tackling the
aftermath of a disease that will plunge
muchofthecontinentintorecession.
Mr Hüther’s conversion is part of a
broader trend in Germany, as this crisis
forces politicians, economists and aca-
demics to reassess some of their most
cherished principles and throw over-
boardonce-sacrosanctbeliefs.
The first casualty of the crisis was the
schwarze Nullor “black zero”, the doc-
trine of no new borrowing pursued by
Angela Merkel’s government for much
of the past decade that delivered six
yearsofbudgetsurpluses.
This was abandoned spectacularly
last month when Olaf Scholz, finance
minister, unveiled a €150bn emergency
spending plan largely financed by new
debt and a suspension of the country’s
constitutionalceilingonbudgetdeficits.
Some think that the traditional Ger-
man resistance to eurobonds could end
up going the same way if the crisis esca-
lates. “Germany’s traditional red lines
might end up not so red any more,” saidLucas Guttenberg, deputy director of
theJacquesDelorsCentre,athink-tank.
So far, the red line on common debt
issuance is holding. Germany has
alwaysarguedtheideawouldviolatethe
“no bailout” clause in the EU treaty,
which says that no EU country should
beliableforthedebtsofothermembers.
When Luxembourg and Italy revived
the concept in December 2010, at the
outset of the eurozone sovereign debt
crisis, Ms Merkel shut the debate down.
“Communitisinginterestandrisksisnot
goingtohelpus,”shesaid.Thereneeded
to be more “cohesion and consistency”
inmemberstates’economicpolicies.
The chancellor has stuck to her guns.
AfternineEuropeanheadsofgovernment
wroteajointletterlastmonthsayingthe
EU needed to “work on a common debt
instrument”, she said that wasn’t “the
opinionofallmemberstates”.
Ms Merkel’s Christian Democratic
Unionpartyremainsopposed.Eckhardt
Rehberg, its senior budget spokesman,
said the EU had enough tailor-made
tools for emergencies like this, such as
the European Stability Mechanism, the
eurozone’scrisis-fightingfund.
Mr Rehberg said Germany’s constitu-
tional court had made clear that such an
innovation as eurobonds would need
thepriorapprovaloftheBundestag,anda two-thirds majority might be required
forsuchafundamentalchange—anigh-
impossiblehurdle.
ButthereareCDUvoicesinfavourofa
rethink: MP Roderich Kiesewetter said
the joint bond issued by the European
Community during the oil crisis in 1974
couldbea“modelfortoday”.
Meanwhile many Social Democrats,
the junior partners in Ms Merkel’s coali-tion, think the same way. Nils Schmid,
the SPD’s foreign affairs spokesman,
said eurobonds would show fellow
member states “that we’ve learnt from
the eurozone debt crisis”. He added: “A
lot of countries felt abandoned, and the
aftermathofthatisstillbeingfelt.”
ForoppositionMPs,thecaseforanew
debt instrument is even stronger. Fran-
ziska Brantner, Europe spokeswoman
for the Green party, said it was in Ger-
many’s own interests. “We can’t revive
our economy after this crisis when half
the single market is no longer function-
ing,”shesaid.“It’sanexistentialissue.”
The debate does not just run on party
lines. Last week the German Council of
Economic Experts, which advises the
government, was split on the issue.
Some members worried that mutual-
ised debt could put pressure on the pub-
lic finances of smaller countries such as
the Netherlands while others advocated
sending a clear signal that financing was
secureandstateswerestandingtogether.
Mr Hüther, meanwhile, has defended
his change of heart. “Unless we can
come up with a common crisis bond, I
see a grim future for the EU,” he told the
German daily Tagesspiegel. “It’s not
about financing dams in central Italy.
It’saquestionoflifeanddeath.”
Gideon RachmanSee OpinionCurrency bloc.Mutualised debt
Crisis spurs German rethink of eurobonds
Call for red lines to be redrawn
to share costs of pandemic
aftermath across eurozone
Economy
minister Peter
Altmaier and
finance minister
Olaf Scholz
hold a press
conference
yesterday on an
aid package in
response to
the pandemic
John MacDougall/AFP/GettyS E BA ST I A N PAY N E— LONDONBoris Johnson was urged to hand over
temporarily the reins of power and
focus on his recovery from “persistent”
coronavirus symptoms, as the UK
prime minister prepared to spend a
second night in hospital.Although Downing Street initially
insistedhewasfullyinchargeofthegov-
ernment, Mr Johnson’s allies said yes-
terday his workload has been stripped
backtoallowhimtorecover.
Dominic Raab, his effective deputy,
insisted the government was operating
at “full throttle” despite the prime min-
ister’s absence, with ministers and offi-
cials fulfilling his decisions. But the for-
eign secretary admitted he had not spo-
kentoMrJohnsonsinceSaturday.
“He will continue to take doctors’
advice on what to do next and we have a
team which, in the way I described, is
full throttle, making sure his directions
and his instructions are being imple-
mentedandfollowedthrough,”MrRaab
saidyesterday’sdailypressconference.
Some in the ruling Conservative party
suggested he should step aside while
recovering. “This may be the jolt, thewake-up call that he realises he has to
rest to recover,” said one cabinet minis-
ter. “He will have been very reluctant to
gotohospital.”
ConservativeHome, an influential
grassroots website in the party, also
called on the prime minister to rest
ahead of critical decisions in the coming
week on when and how to relax the
nationwidelockdown.
“Whenever he returns home, he will
need complete rest. In the meanwhile
and as we write, important decisions
need to be taken... Dominic Raab
should formally deputise for Johnson
until he is back to his normal swash-
buckling self — which can’t come soon
enough,” the site’s editor, Paul Good-
man,wroteonMonday.
Senior Downing Street insiders said
the prime minister’s workload had been
significantly reduced. “He’s not been
worked to the bone, people aren’t
expecting him to be overloaded with
work,”saidoneNumber10official.
“He’s been kept updated over the last
24 hours, it’s very much him being
updated and given information. He
won’tbedoingahugeamountasthepri-
ority is for him to recover.” Mr Johnsonremained in St Thomas’ Hospital in
London for a second day, as his spokes-
person said he was undergoing tests for
“persistent symptoms” of the virus,
including a high temperature and a
cough. No further details were given of
thetreatmentorstateofhishealth.
In his absence, Mr Raab is chairing
key meetings — including yesterday
morning’s coronavirus planning,
known informally in government as
the “war cabinet”. He will continue to
chair these meetings while Mr Johnsonis in hospital. A cabinet meeting is not
due to take place today as parliament is
in recess. The coronavirus war cabinet
— including chancellor Rishi Sunak,
health secretary Matt Hancock and
Cabinet Office minister Michael Gove —
willtakeitsplace.
Governmentinsiderssaidthesetrioof
ministers, along with Mr Raab, would
lead the government’s efforts while Mr
Johnsonwasfocusingonhishealth.
“Matt, Gove, Raab and Rishi will keep
driving it. The PM provides the over-
arching strategic view, but we can oper-
ate for a few days without kicking back
to Number 10. We know the direction,
so the departments can deliver the poli-
cies,”theofficialsaid.
Mr Johnson was admitted to hospital
on Sunday. The prime minister’s
spokesperson said yesterday he “had a
comfortable night” and “is in good spir-
its”. The prime minister yesterday
tweeted: “I'm in good spirits and keep-
ing in touch with my team, as we work
togethertofightthisvirusandkeepeve-
ryonesafe.”
The spokesperson dismissed the sug-
gestion by Russian state media that he
wasonaventilatoras“disinformation”.UK politics
Johnson urged to step aside as he remains in hospital for tests
Boris Johnson ‘won’t be doing a huge
amount’ as he focuses on recovery‘Keep to the
measures,avoid social
contacts,keep your
distance inpublic
space’Sebastian Kurz,
chancellorCases so far
New York public parks considered
as temporary sites to bury deadNew York will soon have to begin burying its coronavi-
rusdeadintemporarygravesinpublicparks,thechair-
manofthecitycouncilhealthcommitteehaswarned.
MarkLevinesaidmorgueswerenearlyfull,evenwith
the addition of 80 refrigerated trucks, and cemeteries
had largely stopped accepting bodies. The city protocol
for mass casualties calls for temporary interment of
bodies, likely using a park. He tweeted the reality was
that“weneedmoreresourcestomanageourdead”.US registers a third of new cases
Israel cuts interest rates to near zero
and forecasts economy to shrink 5.3%Israelcutratestoalmostzeroandforecastthatitsecon-
omy would contract 5.3 per cent in 2020 as the full
impactofthecoronavirusshutdownhitthecountry.
The benchmark rate is now 0.1 per cent, the Bank of
Israel said, in the first rate cut since 2015, as it began
accepting repo transactions backed by corporate bonds
as collateral. The bank did not start a corporate bond-
buyingscheme,asmanyeconomistshadexpected.Source: Johns Hopkins University, CSSEDaily confirmed coronavirus casesTotal daily casesMarch Spain and ItalyRest of N America USRest of EuropeRest of worldMar Mar Mar Mar Apr Total daily casesApril The US accounts for about a third of new global cases of
the virus as a drop in the number of diagnoses prompts
hope the outbreak is nearing its peak. The US remains
the worst-affected country by number of cases.1,309,
and 72,638 deaths by 18.30 BST, April 6
Source: Johns Hopkins University, CSSE
Read more at ft.com/coronavirusCORONAVIRUS
ROUND-UP
State of emergency to be declared in
seven Japanese prefectures, says AbeAmonth-longstateofemergencyistodeclaredinseven
prefectures of Japan, including Tokyo, the capital,
ShinzoAbe,theprimeminister,saidyesterday.
Thedeclaration,alsoapplyingtoKanagawa,Saitama,
Chiba, Osaka, Hyogo and Fukuoka, followed a rise in
coronaviruscasesbutwouldstopshortofalockdown.
Railways and supermarkets would remain open and
“we will maintain economic and social activity to the
greatestextentpossible”,MrAbeadded.EU urges European pharma to boost
supply of intensive care medicinesBrussels has called on Europe’s drugs industry to
urgently step up supplies of intensive care medicines
used for Covid-19 patients after some EU member
countriesreportedimminentoractualshortages.
Several states hit by the pandemic said they had only
a week’s stock of certain critical medicines, said Stella
Kyriakides,EUhealthcommissioner,inaletter,seenby
the Financial Times, to leading pharmaceutical busi-
nessgroups.Italian bonds made up more than a
third of sovereign debt bought by
the European Central Bank last
month as it waded into government
debt markets to reverse a sudden
spike in borrowing costs.
The ECB bought almost €12bn of
Italian public sector debt in March,
an unusually high proportion of its
overall sovereign debt purchases. It
also bought a similar amount of
French and Spanish bonds
combined. The detail of its
purchases, announced yesterday,
show the central bank used its
recently expanded firepower to
ease investor concerns.
Martin Arnold, FrankfurtECB targets Italy bonds
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