EU to agree on economic response to outbreak

16.03.2020 - Petr Mazaylo
EU to agree on economic response to outbreak

Members of European Union finance ministries on Monday have decided on a coordinated economic response to the coronavirus after wide speculation that its effects could potentially push the EU into a recession.

The move is currently comprised of various procedures taken by its 27-nation bloc as well as the halting of limits on epidemic-related spending from government.

The ministers of the supposed Eurogroup will meet through video conference on how to curb the coronavirus transmission which was responsible for the lockdowns and disruptions of business in many EU countries.   

With large sectors of the Eurozone out of action due to the virus, the European Commission on Friday said that the EU and other Euro-sharing countries could very likely go into recession.

Germany, alone on Friday unveiled its ambitious plan where a half-trillion Euros was guaranteed for the business sector in a 4-point plan that was highly commended by economists. In addition, France pledged to support its companies and Italy announced an allocation of €25 billion to affected businesses and families.

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