EU’s von der Leyen: Will announce new post-coronavirus economic 'stimulus package'
The European Commission will propose a new stimulus package, including changes to the EU budget, in order to help the bloc recover from the coronavirus pandemic induced economic fallout, said the President of the Commission Ursula von der Leyen in a statement over the weekend.
Key quotes
"To ensure recovery the Commission will propose changes in the MFF proposal that will allow to address the fallout of the coronavirus crisis."
"This will include a stimulus package that will ensure that cohesion within the Union is maintained through solidarity and responsibility."
"At this juncture, the President is not excluding any options within the limits of the treaty."
"The Commission will participate in these discussions and stands ready to assist, if supported by the Eurogroup."
"In parallel the Commission is working on proposals for the recovery phase within the existing treaties."
Meanwhile, the MFF is the multi-annual financial framework (MFF), the European Union's long-term budget.
The coronavirus outbreak has spread further across Europe, which now accounts for two thirds of the global death toll: 21,334 out of the latest world total of 30,003.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
