European Union leaders seem to have found a way to rescue their economies from the crisis caused by the coronavirus pandemic. EU Economics Commissioner Paolo Gentiloni said that aid worth 1.5 trillion euros would be needed to tackle the economic slump. A third of this impressive amount will be aimed at financing healthcare workers and businesses. The remaining funds will be distributed among the EU member states according to the recovery programme. “The Eurogroup has now made proposals for aid worth more than 500 billion euros to finance healthcare and short-time work and to help small and medium-sized companies. That leaves at least one trillion euros. This is roughly the amount we need to be dealing with now,” Gentiloni stated.

Europe is preparing for one of the most challenging crises in history. The region is expected to suffer from coronavirus more than the rest of the world. It stands to reason that the European countries may face a serious recession. For example, S&P Global Ratings has revised its global economic outlook and now it forecasts GDP falling by 2.4 percent this year. The US economy is anticipated to contract by 5.2 percent, while the euro area is likely to collapse by 7.3 percent.