ECB says eurozone faces historic economic slump amid corona crisis
Jerome Hughes
Press TV, Brussels
When it comes to employment, economists say small to medium sized businesses provide half of all jobs in the eurozone. With the vast majority of businesses currently closed due to COVID-19-induced lockdowns, the level of uncertainty surrounding jobs cannot be overstated.
The European Central Bank has announced it will start lending money to financial institutions at record-low rates to try and keep the eurozone economy alive amid the pandemic. In other developments, lawmakers have been quizzing EU Foreign Policy Chief Josep Borrell about allegations his department watered down a report critical of China following pressure from Beijing. The report was about disinformation campaigns related to the coronavirus crisis.
Borrell insists the confusion arises because there was one report for internal use and one for public consumption.
Resulting from the crisis, hate crimes against Asian people are on the rise in the West. EU authorities are being urged to step up efforts to stamp this out.
On Monday the European Commission will host a worldwide online pledging event. The initial goal is to reach 705 billion euro worth of donations.
Within the EU, social rights campaigners say solidarity is now needed like never before in the bloc's history because of huge disparities among member states in terms of their ability to cope and recover.
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