EU to invest €25 billion in parts of the European economy worst hit by the epidemic
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Europe’s leaders on Tuesday moved to assert control over their initially haphazard response to the fast-spreading coronavirus epidemic, announcing an array of measures aimed at containing the disease, blunting an unfolding economic shock, and reassuring an increasingly panicked public, reports POLITICO.
The EU has agreed to fund researchers seeking a vaccine for the coronavirus, allow member states greater flexibility on providing subsidies to companies and invest €25bn (£21.5bn) in parts of the European economy worst hit by the epidemic.
The Guardian reports that following a two and a half hour teleconference, the first such summit in the EU’s history, the European council president, Charles Michel, said the 27 heads of state and government would make €7.5bn of the funding immediately with the rest to follow.
epa08283836 French President Emmanuel Macron (2-R) and EU adviser Clement Beaune (R) attend a video conference at the Elysee Palace in Paris, 10 March 2020. In a rare event, the EU?s presidents and prime ministers have decided to hold a video-conference summit to coordinate efforts to respond to the coronavirus outbreak that has seen a national lock-down imposed in member state Italy. EPA-EFE/Michel Euler / POOL MAXPPP OUT
epa08283951 European Council President Charles Michel during a conference call with European leaders on Coronavirus, COVID-19, at the European Council, Brussels, Belgium, 10 March 2020. EPA-EFE/STEPHANIE LECOCQ / POOL
epa08283958 European Council President Charles Michel during a conference call with European leaders on Coronavirus, COVID-19, at the European Council, Brussels, Belgium, 10 March 2020. EPA-EFE/STEPHANIE LECOCQ / POOL
epa08284210 A handout photo made available by the Chigi Palace Press Office, shows Italian Premier Giuseppe Conte during a video conference with European Leaders about Coronavirus COVID-19 situation, Rome, Italy, 10 March 2020. EPA-EFE/FILIPPO ATTILI / CHIGI PALACE PRESS OFFICE / HANDOUT HANDOUT EDITORIAL USE ONLY/NO SALES
The European commission president, Ursula von der Leyen, said the EU’s executive branch had already released €140m for research on vaccines and treatment but that the socio-economic impact needed to be addressed immediately.
The new measures, including plans for a fast injection of €7.5 billion in assistance to health care systems, small businesses and other hard-hit sectors of the economy, were announced by Council President Charles Michel and Commission President Ursula von der Leyen, following an extraordinary videoconference between the EU’s 27 heads of state and government, European Central Bank President Christine Lagarde, and the Eurogroup president, Mário Centeno.
In statements to the press following the nearly three-hour-long videoconference, Michel and von der Leyen aimed to project a new posture of confidence and close coordination between all of the EU’s main power players.
