BERLIN (REUTERS) – The European Commission has given its approval for Germany’s proposed Economic Stabilisation Fund, Berlin’s Economy and Finance ministries said on Wednesday (July 8).

In a statement, they said that the European Commission had approved the key framework for the fund, meaning that recapitalisation measures of up to 250 million euros (S$393 million) and capital guarantees do not need to be individually approved by the EU civil service.

With capital of up to 600 billion euros (S$944 billion), the stabilisation fund is intended to offset the coronavirus epidemic’s long-term impact on Europe’s largest economy.

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