The European Council tasked the Eurogroup to come up with proposals within the next weeks. The Commission will participate in these discussions and stands ready to assist, if supported by the Eurogroup. This is required since the fiscal space for new instruments is limited as we are in the last year of the MFF.
In parallel the Commission is working on proposals for the recovery phase within the existing treaties.
As a first step we are currently working on a full flexibilisation of existing funds - such as the structural funds. This will provide immediate support.
To ensure recovery the Commission will propose changes in the MFF proposal that will allow to address the fallout of the coronavirus crisis. This will include a stimulus package that will ensure that cohesion within the Union is maintained through solidarity and responsibility.
At this juncture, the President is not excluding any options within the limits of the treaty.