The European Commission has given the green light for fiscal flexibility to EU27 to deal with the effects of the coronavirus pandemic.

The President of the Commission, Ursula von der Leyen said that 37 billion euros would be funnelled to to the European Union members states who would have “maximum flexibility” in fiscal rules and state subsidies to tackle the economic impact of the coronavirus epidemic. The President of the Commission also denounced the closing of the borders between members to combat the epidemic.

The European Union will launch a 37 billion-euro investment initiative as part of a package of measures to protect the Union’s economies against the impact of the coronavirus epidemic, she added during a press conference.

The European Union will also guarantee EUR 8 billion in loans to 100,000 businesses to support the business sector, she added.

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