The European Union decided to create an investment initiative of €37 billion as part of a package of measures to protect the region’s economy from the effects of a coronavirus outbreak. This was stated today by the President of the European Commission Ursula von der Leyen. Additional measures that the executive branch of the European Union will take include the provision of flexibility to member states regarding budget deficit rules and government aid. The EU will also use 1 billion euros of EU money to guarantee up to 8 billion euros in loans to 100,000 companies affected by the coronavirus epidemic to support the corporate sector. The Head of the European Commission at the same time noted her conviction that the EU will be able to withstand economic shock only if each member state lives up to its full responsibility.
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