OREANDA-NEWS. The European Commission (EC) has warned the finance ministers of the euro area (Eurogroup) that the eurozone economy this year could shrink by 10% as a result of damage from a new kind of coronavirus pandemic. This was reported on Wednesday by Reuters, citing sources.

According to estimates by the European Central Bank (ECB), sources say that overcoming the economic crisis caused by the pandemic may require measures worth up to € 1.5 trillion.

On Wednesday, Eurogroup chairman Mario Centenu said that after 16 hours of negotiations during an overnight video conference, no agreement had been reached on creating a plan to restore the EU economy after the € 500 billion pandemic. A new video conference on this topic will be held on April 9.

Before starting the video conference on Tuesday, Centenu circulated a video message in which he promised that the Eurogroup would host the largest aid program in its history with a total volume of € 540 billion to restore the economy after the coronavirus pandemic. This program should combine the measures and schemes proposed earlier by various EU institutions to assist various sectors of the community’s economy.