Economists: 'Scale of eurozone crisis impossible to predict'
Jerome Hughes
Press TV, Brussels
On this coming Monday, businesses in several EU countries will be allowed to reopen for the first time since COVID-19 lockdowns were introduced but social distancing restrictions mean it will not be economically viable for many to start operating again. On Friday, eurozone finance ministers held a video conference at which they formally approved a €240bn rescue fund aimed at supporting businesses and households.
The new credit line should be operational by the first of June. Each of the 19 nations in the eurozone will be able to apply for a low interest loan worth 2% of their GDP, for example, that amounts to €36bn with respect to Italy and €25bn for Spain, the two hardest hit countries. However, economists warn there are no easy answers or solutions.
Also on Friday, the EU Commission hosted a citizens' dialogue event. The Vice-President of the institution, Frans Timmermans, outlined what he believes is the biggest threat currently facing the 27-nation bloc.
In a number of EU countries, scientists continue to work on trying to find a COVID-19 vaccine. There is criticism that not enough testing is available for the general public. As lockdown restrictions are slowly eased there is confusion over the value of wearing a face mask. This issue has been raised in the European Parliament.
Some experts suggest masks can augment the risk of infection because of humidity and potentially retaining the disease close to your face if the mask becomes infected.
The problem is that people tend to touch their face more often when wearing a mask. In any case, in many countries, including here in Belgium, wearing one of these on public transport is now compulsory. They key advice, however, has been consistent; keep your distance, practice good hand hygiene and try not to touch your face.
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