The recession threatens to tear the Eurozone apart, said the Commissioner
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.
Gentiloni said the EU should coordinate the economic recovery plan. "If member countries agree on a powerful recovery plan, it will reinforce confidence in national economies, and the trust may contribute to more rapid recovery of the EU economy", - he added.
Earlier, the EC presented its proposals for the creation of a recovery Fund of the European Union from a deep crisis caused by the fight against the spread of coronavirus in the amount of 750 billion euros. These funds it plans to borrow on the financial markets and give countries of the Union in the form of grants (up to 500 billion euros) and loans (up to 250 billion euros). The Fund will consist of a number of support mechanisms will be temporary, it is anticipated that it will support the economy until the end of 2024.
It is the Commission's proposal has to be approved by the EU and the European Parliament, and they can be changed. However, even before the submission of proposals to the EC in a number of countries had disagreements about the parameters of the possible Fund.
Relevant data on the situation of COVID-19 in Russia and the world presented on the portal stopmanager.of the Russian Federation.