"The economic impact is more severe than we expected at the beginning lockdown," commissioner Valdis Dombrovskis said in a statement. "We continue to navigate the stormy waters will face many fears, among other major wave of contagion," he added.
The outlook for countries that use the euro 19 was bent. From now is a contraction of 8.7% expected in 2020, a full percentage point more than the previous forecast.
"Pandemic on the scale and duration, and never need to be lockdown cup remains essentially unknown, 'the Commission said, adding that the risk to the downside to look very high." A huge economic uncertainty means that it does not bounce back strongly than expected.
There are some early signs of recovery in the European leisure lockdown while still receiving allowing businesses and tourists to retract. It is the art museum in the Louvre in Paris, in the place which is direct link to social of the moon And Isaac digged again the remote, out of the 7.400 sold tickets available to you, from the spokesperson said CNN Business.
The museum has lost € 40 million ($ 45 million) in revenue since March, and expects the closing to its maximum capacity every day in the summer there will be 10,000, or as little as is typical numbers for the quarter, the spokesperson said.
France's economic growth returned in June, when he was in the region of the other side of the analysts are saying that the economic activity is no more than expected Though they be very even to the stairs.
EU recovery fund
EU countries are still trying to agree Details of a € 750 billion ($ 825 billion) relief package coronavirus. The European Commission's proposal, which is distributed by two-thirds of the money given to it has met a group of nations "stingy four" - Austria, Belgium, Sweden and Denmark - which favor their loans.
The relief package will not come to € 540 billion ($ 592 billion) in the existing EU stimulus efforts, as well as countries in their aid packages that can welcome relief to the countries of Spain, Italy, Portugal and Greece, which rely more heavily, particularly in tourism tourism is very difficult to return it to hit coronavirus.
The recovery fund outlook, it does not help to improve the region, according to the Commission, which does not take into account that the proposed package is called the forecast has not yet been approved in the member states. EU leaders meet to hammer out the agreement July 17 and July 18.
Provides a fresh look from a powerful's a deal on the relief work of the cup, Dombrovskis said.
The output is in decline, and the reflection strength, but differ markedly "between countries, according to the Commission. It says that there are" considerable fear that cashflow difficulties, "turn the solvency problems into" For many companies, the market is labor to suffer the loss of a longer time period of limitation.
Italy, which has suffered coronavirus dead end in Europe is expected to contract 11.2% this year, the worst decline in the region. It is not expected to return to the country's GDP last year's level 2022, and the Commission said. A parsimony of it were not so, and I shrank not from France and Spain are also in the 10%.
Portuguese Prime Minister Pedro Sanchez and his Spanish counterpart, Antonio Costa said Monday that it's necessary for the EU countries to quickly reach agreement.
"There is a fundamental need to start again the internal market, which is very important, not only on the most affected by the crisis, but also those who benefit the most in the internal market, such as Germany and the Netherlands ..." said disjunct.
- Julia Horowitz, Vasco Cotovio, Marcus Maestro Perez All Bairin and reporting Ivana Saric attention.
