Paris-Sana
French President Emmanuel Macron announced that Europe's response to the economic turmoil caused by the Corona virus crisis required remittances to the worst affected areas, not just loans.
Reuters quoted Macron as saying after a summit of European Union leaders via a television circle yesterday that the rescue package that will be put forward by the European Union to start recovery should be estimated between five and ten percentage points of the gross domestic product of the Union.
"Several tools are being discussed, but what matters is that the response be large enough," he added, noting that differences over the size and shape of the rescue package remain at the same time, stressing that the European project will not have a future if member states fail to face this extraordinary shock .
The private sector activity in the euro area has declined at an unprecedented pace this month as a result of measures taken to contain the spread of the emerging Corona virus.