EU's von der Leyen: EU to set up 27 billion euros coronavirus response initiative

"Serious disturbance to the Italian economy will lead the EU to authorise a wide-range of state aid measures," European Commission President Ursula von der Leyen said on Friday while presenting the EU's COVID-19 economic response package. 

Additional takeaways

"The EU will set up 27 billion euros coronavirus response initiative."

"EU stands ready to do more as the situation evolves, whatever is necessary."

Market reaction

Major European equity indexes continue to push higher on Friday. As of writing, the Eurostoxx 50 was up 7.15% on the day while Germany's DAX 30 was adding 7.25%.