At the end of last month, EU leaders decided to develop a “Recovery Fund” to support governments with limited fiscal space but, once again, they did not give any indication about the size of that fund and whether it will be made up of loans or grants. Market players have concerns if the fund provides only loans then that will exacerbate government debt piles. Certain governments in Europe, though, strongly believe this is the only way forward.

After the meeting with his EU counterparts, Sebastian Kurz, the Chancellor of Austria, said: “Austria is also ready to show solidarity to support the recovery of our economies.

“We should do this through loans. A mutualisation of debt or Eurobonds are not acceptable.”

On the other hand, highly-indebted nations, such as Italy and Spain, are pushing for grants instead, so their finances are less badly damaged.

The European Commission, the executive arm of the EU, has been tasked to present an idea for the Recovery Fund by early May.

The proposal will be part of the wider EU budget plan for the period between 2021 and 2027.

As the crisis deepens and many wonder whether the eurozone will be able to survive this crisis, unearthed reports reveal how nine years ago, former EU chief Jean-Claude Juncker claimed eurozone economic policies should only be conducted in “dark secret rooms”, to prevent dangerous movements in financial markets

According to a 2011 report by the EuObserver, Mr Juncker, who at the time was heading the powerful Eurogroup meetings of eurozone finance minister, called for all economic decisions to be discussed behind closed doors.

At a Brussels conference on economic governance organised by the European Movement, an organisation that promotes European integration, Mr Juncker said: “Monetary policy is a serious issue. We should discuss this in secret, in the Eurogroup.

“The same applies to economic and monetary policies in the Union. If we indicate possible decisions, we are fuelling speculations on the financial markets and we are throwing in misery mainly the people we are trying to safeguard from this.

“I’m ready to be insulted as being insufficiently democratic, but I want to be serious.”

He added: “I am for secret, dark debates.

“There is insufficient awareness at the European level when it comes to these issues, because each of us wants to show his domestic public that he’s the greatest guy under the sky.”

Having served as finance minister and then premier of Luxembourg, Mr Juncker pointed out that over the course of his career, despite his Catholic upbringing, he often “had to lie” in order not to feed rumours.

Mr Juncker served as President of the European Commission from 2014 to 2019 and as the 23rd Prime Minister of Luxembourg from 1995 to 2013.

He was also the Minister for Finances from 1989 to 2009.

The former EU chief returned to headlines last month, after giving an exclusive talk about the EU and the coronavirus to global bank Citi.

Mr Juncker had criticised his predecessor José Manuel Barroso for joining investment bank Goldman Sachs less than two years after stepping down in 2014.

But the Luxembourg politician gave a speech to bankers just months after stepping down himself last November.

The London Speaker Bureau describes itself as “providing keynote speakers, executive learning masterclasses and boardroom advisers”.

Mr Juncker denied accusations of hypocrisy, telling the Sunday Express: “You have to know that I’m a speaker on behalf of the LSB.

“I’m not a client, or advisor, nor a consultant of Citi or anything else.

“I was supposed to give a speech on behalf of the LSB to an audience, many composed by Citi Bank guys, but I never entered detailed questions concerning the position of the Commission.”

The dial-in conference called Covid-19 & The EU was on April 7. A source said Mr Juncker answered questions around “EU solidarity” triggering the use of the military under EU treaty powers.

He also said the bloc’s limited role in public health was likely to continue and member states were expected to make higher contributions or accept lower grants from it.