The Eurogroup agrees on emergency measures

After a new marathon session of the Eurogroup spread over two days (7 th and 9 th April), to which we were no longer accustomed since the Greek crisis in 2015, Eurozone finance ministers have reached an agreement to use Community resources to combat the economic fallout of the health crisis . To manage the emergency, the Eurogroup has announced measures of 540 billion (about 4% of the GDP of the Union) to support governments , of which 240 billion dedicated to the countries of the eurozone: an employment protection fund, lines of credit for businesses by the EIB and access to ESM lines of credit without conditionality for euro area member states. However, the question of the mutualisation of public debts is still meeting significant resistance . But th is may not be the final word , and the scale of the crisis will require further action. The European recovery plan on which the finance ministers agreed to work in the coming days will be a new litmus test of how mutual the response will be .