“The EU’s plan to support the economy will be € 540 billion. It will be launched within two weeks when we are in recession,” TASS quoted him at an online press conference following a meeting of the Eurogroup.
The program includes the allocation of € 100 billion to support employment, € 200 billion to business representatives and another € 240 billion to protect against defaults of countries participating in the European Stability Mechanism (ESM).
“We agreed to create support against the backdrop of a pandemic crisis of 2% of countries' GDP, which is close to € 240 billion,” RIA Novosti quoted Centenu as saying.
Earlier it was reported that the Eurogroup agreed on a plan to support the EU economy for € 500 billion amid the coronavirus pandemic.