The EU faces ‘moment of truth’ in connection with financial solidarity in the context of the coronavirus crisis, Euronews reported referring to French President Emmanuel Macron.

Macron told the Financial Times newspaper that there was "no choice" but for the bloc to set up a fund that "could issue common debt with a common guarantee”.

"If we can’t do this today, I tell you the populists will win — today, tomorrow, the day after, in Italy, in Spain, perhaps in France and elsewhere," he said.

"It’s obvious because people will say ‘What is this great journey that you [the EU] are offering? These people won’t protect you in a crisis, nor in its aftermath, they have no solidarity with you,’" he added.

"They’re in favour of Europe when it means exporting to you the goods they produce. They’re for Europe when it means having your labour come over and produce the car parts we no longer make at home. But they’re not for Europe when it means sharing the burden'," he went on.