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3/13, 1:22 PM (Source: TeleTrader)
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Von der Leyen: €37B package to soften COVID-19 impact

European Commission President Ursula von der Leyen said on Friday European Union needs to be "determined, coordinated and united." Commenting some states closing borders due to coronavirus spread, she stated that certain controls may be justified but general travel bans are not seen as the most effective by the World Health Organization. She stressed the EU will establish a €37 billion investment initiative as part of a package of measures to soften the bloc's economies from the impact of coronavirus.

"Any measure that is taken - must be proportionate," said von der Leyen adding that EC proposed to have EU guidelines at the borders. She said: "For any measure to be effective those guidelines need to be coordinated within the EU level. Member states need to work very closely together. Citizens have to get healthcare immediately wherever they are."

Leyen confirmed the coronavirus is hitting economies of European countries. "It is a major shock for the global economy and we took decisive and bold actions. This shock is temporary but we have to work together to ensure it is as short and as limited as possible," said von der Leyen. Speaking in front of EC, von der Leyen noted that member states "should be encouraged to apply all necessary measures to save its sectors (as tourism, for example). We at the European level are providing maximal flexibility by giving support to states and citizens.

Breaking the News / TF