COVID-19: EU approves France's proposal of 300 billion euros to ease economic burden

European Commission, the executive branch of the European Union, on March 21 approved a proposal to guarantee up to 300 Billion Euros in state aid to ease the economic burden of the coronavirus, international media reported. The proposal was put forward by France where the number of infected cases rose to 14,459 and death toll to 562 on March 22. 

Margrethe Vestager, executive vice president in charge of competition policy at the EU Commission said that the EU body has approved the three measures which would help France's economy manage the impact of COVID-19. This comes as European governments are writing blank checks to protect businesses and workers from the deep recession into which the economy is sinking rapidly due to the coronavirus pandemic. Earlier this week, French President Emmanuel Macron made a nationwide promise that no company in his country would be "exposed to the risk of collapse." 

Read: EU Battles To Forge Common Front As Virus Eats At Unity

Read: EU Leaders Set For Virus Talks Amid Border Measure Worries

'Woking with member states' 

Talking further about tackling the whole COVID-19 situation, Vestager reportedly said that the proposal is expected to mobilise 300 billion euros of "liquidity support for companies affected by this unprecedented situation." She added that the EU is working with member states around the clock in order to enable them to "take swift, effective and targeted action. 

Read: EU Warns 2020 Growth 'very Likely' Below Zero After Virus Outbreak

Read: EU Chief Negotiator For Brexit Michel Barnier Tests Positive For Coronavirus

Earlier this week, EU’s chief Brexit negotiator Michel Barnier took to twitter to reveal that he had tested positive for the novel coronavirus. In a tweet posted on March 19, Barner informed people about his health condition and said that he was following necessary instructions and was doing well. "I would like to inform you that I have tested positive for #COVID19. I am doing well and in good spirits. I am following all the necessary instructions, as is my team," he tweeted.