BRUSSELS, Belgium (AFP) — EU chief Ursula von der Leyen on Tuesday pledged to mobilize “all the tools” available to the bloc to lessen the economic impact of the coronavirus epidemic, which has roiled markets across the globe.
After EU leaders held crisis talks by videoconference to try to coordinate their response to the epidemic, Von der Leyen sought to reassure businesses and governments spooked by the spread of the disease.
Among the measures is a coronavirus response investment fund backed by 7.5 billion euros ($8.5 billion) in EU funding — subject to approval by member states and the European Parliament.
“We will use all the tools at our disposal to make sure the European economy weathers this storm,” von der Leyen said.
The EU will also look at ways it might relax rules around state aid and government debt to make it easier for hard-hit countries such as Italy to ease the economic shock of the outbreak.
The proposed investment fund will be aimed at healthcare systems and small businesses, von der Leyen said.
“The instrument will be sizable and reach 25 billion euros quickly. To realize this I will propose to council and parliament this week to release 7.5 billion euros of investment liquidity,” she said.
Health and interior ministers from the 27 EU countries will hold daily phone conferences with the commission, she added, as part of efforts to coordinate the response across the bloc.
© Agence France-Presse