Economics
EU Finance Chiefs Agree on $590 Billion Virus Rescue Package
- Accord reached on second try after acrimony earlier in week
- Use of euro area’s ESM bailout fund is balacing act for Italy
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European Union finance ministers agreed on a 540 billion-euro ($590 billion) package of measures to combat the economic fallout of the global coronavirus pandemic. It’s now up to EU leaders to approve the accord, which will require overcoming profound political disagreements.
In an emergency teleconference on Thursday, finance chiefs approved a plan to stave off what’s expected to be a recession of unprecedented size. The deal will lay to rest — at least for now — concerns that the EU was incapable of uniting behind a common strategy when it was most urgently needed.