Recession due COVID-19 in the Euro area becomes deeper and threatens to tear the currency Union of the EU, said the European Commissioner for Economics, Paolo Gentiloni in an interview with Welt.
"The latest economic figures are warning the recession is deeper than expected, and the economic development of countries in the Eurozone is becoming more and more uneven than expected in the spring. In Italy, France and Spain, the economy is collapsing at 10-11%. That's a lot. Other economies, such as Denmark, Poland, Sweden or Germany - yet, apparently, better able to cope with the crisis, there minus is around 4-6%. What we have always warned, confirmed: the recession because COVID-19 threatens to tear apart the Eurozone", - he said.
The EU will need at least another 1 trillion euros of annual investments in the short term because of the profound crisis that is associated with the coronavirus, and the desire for economic transformation, said the European Commissioner for the economy Paolo Gentiloni at a press conference.
He noted that the crisis caused by the fight against the spread of the novel coronavirus, can cause a strong impact on investment in the European Union. Against this background, the EC has assessed the needs of the EU in investing in a number of areas.