Ahead of every important Eurogroup, MS circulate Non Papers. What is most striking is the Dutch one highlighting a real change in the position of the govt with a first overture towards some (limited) fiscal solidarity.

Openness to contribute up to a fund up to €10-20bn. This is an order of magnitude too small but an important start because it could be flexible and evolve over time (outside of ESM and outside of EU budget)

What’s striking is the absence of legal basis. Let me help here: it could be Art 222 TFEU “solidarity clause” which allows common action in response to natural or man-made disaster overwhelming a MS. (There is already an EU solidarity fund associated)

Or Art 352 which allows to act in matters where the Treaties have not provided adequate powers to meet the union’s objectives. Art 4 foresees that common safety concerns in public health is a shared competence of the EU.

If the eurogroup fleshes out such a solidarity fund as a first step, it will allow plugging futures own resources, guarantees and a capacity to borrow. It could be an important first step over and above ESM, EIB an other instruments.

@SMerler @MehreenKhn @cforissier @quatremer @MatinaStevis @lugaricano @lucasguttenberg