EU leaders to hold crisis teleconference to tackle coronavirus

EU leaders will hold emergency talks to discuss a joint response to the coronavirus, as the bloc's executive offered waivers to its fiscal and state subsidy rules to let states boost public spending.

The announcement of Tuesday's teleconference came after Italy and France called for Europe-wide fiscal stimulus to counter the economic impact of the epidemic.

The spread of coronavirus from China across Asia, Europe and the Americas has caused huge disruption to business operations, global supply chains and economic activity. Analysts say the world economy is headed for a sharp downturn, or even a recession.

"Following consultations I will hold a EUCO members conference call shortly on Covid-19 to coordinate EU efforts," Charles Michel, who chairs EU summits, said on Twitter on Monday. "We need to cooperate in order to protect the health of our citizens."