00:00Un month ha passato since our last Eurogroup. A lot has happened since then.
00:06The European Council endorsed our plan to establish a 540 billion euro safety net for workers, businesses and sovereigns.
00:17We continue to build up our national responses to the crisis.
00:21If we add liquidity measures, state guarantees, fiscal measures and automatic stabilizers, we are close to 4 trillion euros in
00:31support to our economies.
00:33Today, the Eurogroup will review the economic forecasts of the Commission.
00:39The recession will be deep and it is unavoidable.
00:43But it is in our power to shape the crisis response, from the emergency to the recovery.
00:50Not all countries have the same firepower and we need to secure a level playing field.
00:56That is why we have been busy making these backstops fully operational.
01:03Today, the Eurogroup is set to agree on all the features and details of the pandemic crisis support, our ESM
01:11-based backstop for sovereigns.
01:14All Euro-area countries will be able to draw 2% of their GDP in loans at very favorable terms
01:21and long maturities.
01:23This will cover their direct and indirect health-related costs, which have swollen.
01:30This crisis, too, should be fully operational in mid-May.
01:36Having ticked that box, we will then focus our minds on establishing a sizable recovery fund to jumpstart our economies.
01:44The biggest challenge of this is to be a person in the U.S.
01:45Grazie.
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