🇬🇧 /// BREAKING BRITANNIA NEWS /// 🇬🇧
It’s crunch time, European Union member states go head to head in the hope of curving the virus led economic downturn that awaits them.
The EU’s finance ministers are set to meet on Tuesday to endorse a vast list of measures collectively worth over five hundred billion euros. This is to try and mitigate the severe economic impact on individual countries due to the financial hit from locking down economies to tackle the coronavirus. If an agreement is agreed, the EU leaders could debate and sign off on measures by weeks end.
Bloomberg reports: countries have instituted fiscal measures worth 3% of EU gross domestic product as well as liquidity guarantees worth 18% of the bloc’s output.
Continue: The European Central Bank has also launched massive bond purchases in what could end up becoming the biggest economic rescue package the continent has seen in peacetime.
Angela Merkel on Monday stated the pandemic was the blocs biggest threat since it’s founding and that “the answer can only be: more Europe, a stronger Europe and a well-functioning Europe.”
With so many member states at loggerheads with each other only time will tell whether the EU as a bloc can survive the immediate financial impact.