EU pledges €25 billion to address economic fallout from coronavirus

BRUSSELS – The President of the European Commission Ursula von der Leyen announced a new “Corona Response Investment Initiative” that would reach €25 billion of EU money, reports Euractiv. EU institutions and member states agreed on Tuesday to ease EU spending rules and mobilize the funds to address the economic fallout from the coronavirus. EU leaders hastily convened a teleconference to improve their coordination to contain the spread of the coronavirus and to deal with its economic impact across EU economies.