EU finance chiefs agree on €540 billion virus rescue package

European Union finance ministers agreed on a €540 billion package of measures to combat the economic fallout of the global coronavirus pandemic. It’s now up to EU leaders to approve the accord, which will require overcoming profound political disagreements.

In an emergency teleconference, finance chiefs approved a plan to stave off what’s expected to be a recession of unprecedented size. The deal will lay to rest — at least for now — concerns that the EU was incapable of uniting behind a common strategy when it was most urgently needed.