“This investment tool will soon reach 25 billion euros. To achieve this, I will propose to the (European) Council and Parliament this week to release an investment amount of 7.5 billion euros,” she told a news conference in Brussels.
She said the money is expected to start flowing in the coming weeks, adding that the money will be channeled into health care systems, small businesses and the labor market.
“We are ready to use all the necessary roles,” European Council President Charles Michel told the same press conference.
He said that European Union leaders have agreed to provide cash to deal with the crisis. He added that the Union’s fiscal rules and the regulations governing government support will also be relaxed to facilitate public spending.