EU prepares Marshall Plan for support of economy dropping due to Covid-19 pandemic.

Charles Michel


The European Union prepares the plan of economic measures to support the economy, which is in the crisis due to the restrictive measures assumed in Europe due to the Covid-19 pandemic as Politico reported citing President of the European Council Charles Michel.

Michel has already discussed the possible ways of addressing the crisis with the representatives of 27 countries in the European Council. The next step is the discussion of the issue with the leaders of the countries in video-conference mode. Besides, the officials of the European Commission will participate in the conference and will prepare the plan of the economic measures.

Related: Collapse in oil prices + coronavirus: Consequences of global crisis for Ukraine

“We should not expect a sprint, this crisis is going to have an impact on us at short, medium and long term,” Michel concluded.

Earlier, President of the European Central Bank Christine Lagarde is sure that Europe will face severe economic shock comparable with the 2008 financial crisis if the EU countries do not assume urgent measures against the spread of coronavirus.

Ukraine’s Prime Minister Denys Shmygal stated that it is unknown how long the economic crisis will last.

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