European Union

The European Central Bank took more emergency action Tuesday to keep credit flowing to companies in the 19 countries that use the euro by easing its rules for lending to banks that serve those businesses.

Markets and all EU member-states, especially those in Southern Europe which like Greece seek some form of mutualisation of debt have been  focusing like a laser beam on today's Eurogroup meeting and analysts expect joint action to help prop up the economies of member states - possibly including even so-called coronabonds.

Romania has been designated by the European Commission to buy, stock and distribute medical equipment for all the European Union countries affected by the novel coronavirus pandemic, the Save Romania Union (USR) - the Liberty, Unity, Solidarity Party (PLUS) Alliance announced on Tuesday.

The Council of the European Union has adopted the controversial changes to the Mobility Package, which must be approved by the European Parliament at second reading in order for it to enter into force.

Eurozone finance ministers hope to agree on Tuesday on half a trillion euros worth of economic aid to finance recovery from the coronavirus, a discussion that has sown divisions as the bloc struggles with the outbreak.

Romania is below the European Union average when it comes to the number of years a person is expected to continue to live in a healthy condition at birth, but above other EU member states, such as Austria, Finland and Slovenia, show data released on Tuesday by Eurostat.

In an article published in Tuesday's Kathimerini, Finance Minister Christos Staikouras calls on his colleagues in the Eurogroup council of eurozone finance ministers to show solidarity as they convene on the same day and approve "a catalytic move that will offer a strong injection of liquidity to the economy."

The problem. Mitigating the impact of the Covid-19 pandemic will require a significant increase in public spending to rescue sinking economies and further shield health systems. At the same time, tax revenues will be collapsing as long as economic activity remains suppressed. Budget deficits will inevitably swell, leading to soaring public debt.

The coronavirus pandemic has revived the acrimonious debate between eurozone countries about jointly issuing debt to meet healthcare needs and address the deep economic downturn that is set to follow.

Nine of the 19 countries that use the single currency called on March 25 for a common debt instrument issued by a European institution to fight the outbreak and its effects.

Eurozone finance ministers are likely to converge on Tuesday on three quick options to support the economy in the wake of the coronavirus epidemic, officials have said, with some discussion also of longer-term ideas to aid a recovery.