Europe will need €500 billion to fight against coronavirus effects

Eurozone finance ministers held a videoconference, during which they expected to agree on the main issues of the plan to restore the economies of the region in the amount of €500 billion. The meeting and discussions lasted 16 hours, negotiations will continue tomorrow, April 9.

Eurogroup Chairman Mario Centenu noted that the negotiations have come to their logical conclusion, but an agreement on a number of issues has not yet been reached. In particular, disagreements between Italy and the Netherlands on the conditions under which loans should be provided to eurozone countries to combat the pandemic prevented progress in the negotiations.

The plan for supporting and restoring the economies of European countries will become the largest in the history of the European Union and its implementation will allow us to overcome the global crisis without losses.

The recovery program involves financing schemes to protect jobs (€ 100 billion), the European Investment Bank's business support program (€ 200 billion), and a program to support the most vulnerable states (up to € 240 billion).