The European Union will “do whatever it takes” from granting state aid to companies to setting up a special liquidity investment fund to deal with the financial impact of the new coronavirus epidemic, the leaders of EU member states decided Tuesday night.

“We are ready to use all the necessary tools,” European Council President Charles Michel said at a news conference after the 27 leaders’ video conference.

European Commission President Ursula von der Laien on her part, reassured that “all available tools” would be used to support the economies affected by the epidemic.

Among the measures to be taken, according to Ursula von der Laien were state aid to firms in difficulty, flexibility in implementing the Stability and Growth Pact, or even the establishment of a special fund, the so-called “corona-fund”. EUR 25 billion for investment in the short term. She said he would also ask the European Parliament to allocate € 7.5 billion from the Structural Funds.

Europe’s priorities are four, Michel said: Limiting the spread of the new coronavirus by taking proportionate measures and exchanging information between member states. Specifically for border controls, the Commission will conduct daily teleconferences with the relevant ministers.

The second priority concerns the avoidance of shortages in medical equipment. The third priority remains the financing and coordination of research, and the fourth is tackling the economic impact, in cooperation with Eurogroup and possibly with the European Investment Bank.