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$394 million) and capital guarantees do not need to be individually approved by the EU civil service.

With capital of up to 600 billion euros, the stabilisation fund is intended to offset the coronavirus epidemic's long-term impact on Europe's largest economy.