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Watch: MEPs debate EU measures to address COVID-19 change

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Youngsters play basketball in front of the European Parliament building in Brussels, Wednesday, May 15, 2019.
Youngsters play basketball in front of the European Parliament building in Brussels, Wednesday, May 15, 2019.   -   Copyright  Francisco Seco/AP Photo
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European members of parliament are set to debate EU measures to mitigate the social and economic impact of COVID-19.

COVID-19 is set to contract the eurozone economy by 8.3%, according to the IMF and experts have warned that increased unemployment could send many people into poverty.

"We have deep consequences all in all," economy commissioner Paolo Gentiloni said, while emphasising that there was also an "unprecedented reaction" to be more flexible fiscally to help governments.

The EU has already agreed to a €750 billion recovery package in July that allows for a combination of loans and grants to governments.

Gentiloni said that the Commission would continue to monitor the forecasts for how the pandemic would change the economy.

The goal in general is to "transform our economy in this terrible and difficult crisis," Gentiloni said, explaining that the crisis could help to fuel a stronger economy.

MEPs are debating how to mitigate the impact of the tough consequences of the pandemic with some asking for more investments and increases to European integration.