President of the European Council, Charles Michel, has called a new summit – by videoconference – of EU heads of state and government on Thursday April,23 the day after the finance ministers agreed on a plan worth more than €500 billion to respond economically to the coronavirus crisis.
“It is time to lay the foundations for a robust economic recovery,” the former Belgian Prime Minister said in a statement. This plan must boost our economies while promoting economic convergence in the EU. The EU budget will have to play a significant role here,” he said, referring to the EU budget for 2021-2027, which leaders failed to agree on before the crisis.
New draft multi-annual budget
The President of the European Commission Ursula von der Leyen is to propose a new multiannual draft budget to deal with the economic consequences of the coronavirus pandemic. Together with Ms von der Leyen, “I am working on a roadmap and action plan to ensure the well-being of all Europeans and bring the EU back to strong, sustainable and inclusive growth based on a green and digital strategy”, added Charles Michel.
Joint response to the economic crisis
The day before, finance ministers agreed on a common plan to support the economy hit hard by the coronavirus. The money announced will not automatically be spent, but will be available to states that request it. The plan will complement investments made at national level as well as measures already endorsed by the EU, in particular the suspension of fiscal discipline and the relaxation of state aid rules.