The European Union will establish a €37 billion investment initiative to address the economic fallout from the coronavirus pandemic, European Commission President Ursula von der Leyen announced from Brussels on Friday.
«We are setting up a €37 billion Corona Response Investment Initiative to ground support and to the health care sector, to the labour market, to support SMEs [Small and Medium... Еще-sized Enterprises] from all affected sectors,» she said.
Von der Leyen also promised the EU member states to provide «maximum flexibility» on budget deficits and state aid.
Moreover, the European Commission President said travel bans have «a strong social and economic impact,» adding «they just interrupt people's lives and business across the borders,» rather than help in containing the spread of the coronavirus pandemic.
Von der Leyen also stressed that «all of us have to know and understand it's not possible to stop the virus but it is possible and of utmost importance to slow down the spread of the virus. That is doable.»