The Eurogroup, consisting of 19 finance ministers representing the EU's eurozone member states, approved an emergency fund to limit the impact of the coronavirus pandemic. Speaking from Lisbon in a virtual conference on Thursday, Eurogroup president Mario Centeno said that the package «contains bold and ambitious proposals that would have been unthinkable just a few weeks ago.»
«We have already... Еще seen a rapid, massive, co-ordinated impulse from the monetary and fiscal authorities and from regulators. Nearly three percent of GDP (Gross Domestic Product) of fiscal measures, enhanced flexibility, additional liquidity schemes of 16 percent of GDP. Every time we meet, the numbers go up. If we combine these numbers we will have to start talking in trillions of euros,» stated Centeno.
Member states will be able to ask for credit of up to two percent of their GDP from the European Stability Mechanism (ESM), with a total up to €240 billion ($262 billion) in financing that can be secured.
«We can all remember the response to the financial crisis of the last decade when Europe did too little, too late. This time around, it is different,» said the Eurogroup president.