PARIS (Reuters) – French Finance Minister Bruno Le Maire said European Union member states had agreed to mobilize 1 trillion euros to shore up the economy in response to the coronavirus crisis, in the most important economic plan in the EU’s history.
Le Maire said on a call with reporters that the European Stability Mechanism will be activated with light conditionality. He also said the agreement will make 500 billion euros available immediately and that a recovery fund will follow.
“Europe has shown that it can rise to the occasion of this crisis,” Le Maire said on Twitter.
Reporting by Gwenaelle Barzic and Leigh Thomas; Writing by Geert De Clercq; Editing by Chris Reese
