BRUSSELS - It's crunch time for the European Union as it strives to stem a virus-led downturn that could eclipse the severity of the Great Recession more than a decade ago.
German Chancellor Angela Merkel on Monday said that the pandemic was the EU's biggest challenge since its founding and that"the answer can only be: more Europe, a stronger Europe and a well-functioning Europe". Another proposal expected to get the green light is the creation of a pan-European Guarantee Fund to be managed by the European Investment Bank that could mobilize more than 200 billion euros in liquidity for the region's small and medium sized enterprises.
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