EU finance ministers agree on $550 billion rescue package earmarked for costs related to the Covid-19 crisis
Economy minister Bruno Le Maire speaks with his advisors prior to an Eurogroup meeting, in the minister's office in Paris on april 9, 2020, on the 24rd day of a strict lockdown aimes at curbing the spread of Covid-19, the novel coronavirus.
"Europe has decided and is ready to meet the gravity of the crisis," French Finance Minister Bruno Le Maire tweeted after the talks. The package agreed is worth about $546 billion, short of what many observers believe is necessary to restart the European economy when the health crisis recedes. Italy and Spain had the backing of the majority of member states to keep the conditions for tapping the ESM to an absolute minimum, but the Netherlands fought hard for something tougher.
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