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  • The head of the Eurogroup of eurozone finance ministers on Tuesday called for a major rescue plan, as EU members squabble over what is needed to rebuild the shattered economy. "Today, I am convening the EU finance ministers for a bold response for the COVID-19 outbreak," said Mario Centeno, who is also Portugal's finance minister, ahead of a videoconference with his counterparts. In a video statement, Centeno said he will urge the European Union's 27 member states "to make a clear commitment for a coordinated and sizable recovery plan". "We all know this is not time for business as usual policies. We must show our citizens that Europe, protects them," he added. Centeno spoke just ahead of the talks that promised to be fraught, with Italy and Spain calling for all eurozone members to raise tens of billions of euros to fund a massive recovery plan. Germany and the Netherlands back a more cautious response using the eurozone's existing bailout fund, the European Stability Mechanism, and by providing lending to smaller businesses through the European Investment Bank. Those measures already were "arguably the most sizeable and ambitious package ever prepared by the Eurogroup," Centeno said. But he added that more would be needed to get the economy back on its feet. arp/dc/rl
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  • EU warned it needs 'coordinated and sizeable' rescue
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