No EU State Ready To Cease Economic Activities For Months - European Parliament Member

No EU State Ready to Cease Economic Activities for Months - European Parliament Member

No single EU state, not even the traditionally stronger economies in the north, is ready to face a months-long suspension of all economy activity, Paolo Borchia, a member of the European Parliament, told Sputnik

MOSCOW (UrduPoint News / Sputnik - 26th March, 2020) No single EU state, not even the traditionally stronger economies in the north, is ready to face a months-long suspension of all economy activity, Paolo Borchia, a member of the European Parliament, told Sputnik.

"It is fair to say that no European country - and certainly not the EU government in Brussels - is prepared to face a scenario where most economic activities would need to shut down for months," Borchia, who is also a member of the Committee on Transport and Tourism and a member of the Committee on Industry, Research and Energy in the European Parliament, said.

He conceded, however, that some northern EU states, which have stronger security measures and "less heavy taxation schemes," would be more flexible in coping with the consequences of the crisis.

He went on to say that even a country such as Belgium, which is viewed as one of the richest member states, will not be able to save at least 1 out of 4 businesses from insolvency.

The nation currently has nearly 5,000 COVID-19 cases and registered nearly 180 deaths.

Europe has been declared the world's epicenter of the COVID-19 disease. The EU has recorded over 220,000 confirmed cases, including nearly 12,000 virus-related deaths, according to the World Health Organization.

With pressure mounting on the EU government, member states have announced the closure of universities, schools and childcare centers. Bars, restaurants, cinemas, nightclubs and sport clubs also remain closed down across the bloc, as well as all stores except supermarkets and pharmacies. Authorities have also advised all citizens to work from home and asked the elderly, who are part of the most vulnerable demographic, to stay at home.

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