European Commission Chairperson Ursula von der Leyen said that the commission will work to establish an EU investment fund of 25 billion euros (28 billion dollars) to contain the economic
Der Lien stated that the fund is an investment and will start with the financing of 7.5 billion euros and will help the weak sectors of the economy, which may
"This planned investment fund will soon reach 25 billion euros.
To achieve this, I will propose to the (European) Council and Parliament this week at its session to release 7.5 billion euros of investment liquidity," she added.
She said that the money is expected to start flowing in the next few weeks, adding in her speech that the money will be immediately passed to health care systems,
small companies and the labor market to cope with the crisis.
"We are ready to use all the necessary roles," Charles Michel, President of the European Council, earlier said.
Charles stated that European Union leaders have agreed to provide cash to deal with the Krone crisis.
He added in his speech that the Union's fiscal rules and the regulations governing government support will also be relaxed to facilitate public spending.