The European Union (EU) is preparing to “do everything necessary for the European economy to pass through this storm,” said the president of the Commission, Ursula von der Leyen, after an extraordinary summit held by videoconference of the heads of State and Government of the Twenty-Seven.
During the summit, the head of the international organization said that in the face of the effects generated by the coronavirus, the Commission decided to coordinate daily the ministers of Health of the interior and of all the member countries, as well as centralize the joint purchases of medical material.
Strengthening the economy
It is expected that next Monday the Commission will ask the parliament to approve a first package of 7,000 million euros with which a line of credits of up to 25,000 million euros will be launched to “guarantee liquidity” for European companies and SMEs.
This is in addition to the decision to authorize generalized State aid from countries and the use of “all possible flexibility” in the stability pact to nations with deficits of more than 3% and for this the “coordination of the European Central Bank (ECB)”, whose president, Crhistine Lagarde, participated in the teleconference.
It is expected that these approaches will continue along with the European leaders at the face-to-face meeting of the European Council scheduled for March 26.