The European Union expects an economic recession in 2020, due to the outbreak of the Corona virus, which the World Health Organization has described as a global epidemic.
European Commissioner for Internal Market Thierry Breton said on Monday that the European Union expects in 2020 a recession that has not been determined, but he expected that the global impact of the emerging Corona virus crisis on European growth will be "from 2 to 2.5 percent".
"Before the crisis, we had expected about 1.4 percent growth" on the whole continent, according to Agence France-Presse. We believe its impact on our growth will be "between 2 and 2.5 percent, temporarily from adherence to the rules of the European Stability Pact to deal with the crisis, as stipulated in the European texts.
"We will strictly respect the charter that permits in cases of force majeure (...) to break the rules," he said.
On the suitability of the European recovery plan, Bretton said it was "too early to talk about it" in detail, but he hinted that there might be a plan in time.
He said that decisions will be made "based on what we see about the real impact on the economy ... ... from the moment we enter into recession in general, there are recovery plans."
The European Commissioner also estimated that the crisis would likely rethink the "pooling" tools and share the debts of European countries.
"I have thought a lot about unconventional products to try to collect debt, and maybe we should go back to that," he explained.