EU agrees €500 billion rescue package

The finance ministers of the European Union (EU) have agreed on a plan to save the bloc’s economy in the context of the coronavirus pandemic and economic crisis worth more than 500 billion euros.

In particular, within the framework of the European Stabilization Mechanism (ESM), about 240 billion euros will be allocated to those states that have suffered the most from the coronavirus pandemic and which are members of the euro area. 200 million euros will go to lending to European enterprises with an emphasis on small and medium-sized businesses, and about 100 billion euros will go to a wage subsidy scheme so that companies do not cut their employees.

After the decision of the finance ministers, this plan should be approved at a meeting of the European Council, the highest political body of the EU.