Finance ministers of eurozone countries reached an “excellent accord” on fighting the pandemic-triggered recession. Europe has proven itself to be “a match” for the crisis, said French representative Bruno La Maire.
After hours of talks on Thursday, representatives of 19 eurozone countries agreed to make €500 billion ($547 billion) available “immediately” to stimulate the EU economy as it struggles with the economic fallout of the ongoing pandemic.
“Excellent accord between the European finance ministers,” tweeted France’s Bruno La Maire.
Excellent accord entre ministres des Finances européens sur la réponse économique au #Coronavirus : 500 milliards d’euros disponibles immédiatement. Un fonds de relance à venir. L’Europe décide et se montre à la hauteur de la gravité de la crise.
— Bruno Le Maire (@BrunoLeMaire) April 9, 2020
EU heavyweights France and Germany had been working on a solution to address economic consequences of the coronavirus pandemic, with EU finance ministers negotiating into Thursday evening.
Germany’s Finance Minister Olaf Scholz praised the decision as a “great day of European solidarity.”
