EU finance ministers announced an agreement Thursday to alleviate the economic impact of the COVID-19 pandemic. The plan is intended as a safety net for EU member states, companies and citizens.

The Ministers of Finance agreed that the impact of COVID-19 has triggered the escape clause in the EU’s fiscal framework. This gives member states more flexibility in what they can do to support their economies. The plan also calls for a coordinated effort by member states and solidarity in aiding the hardest hit countries.

Provisions of the plan include permission for the European Investment Bank to loan as much as €200 billion to member states and a credit line worth 2 percent of a state’s annual economic output so long as the money goes strictly to health-care costs. The plan also includes €100 billion for a jobless reinsurance plan. Despite objections from the Netherlands, the plan does place some conditions on the emergency credit. Funds should be available to member states within the next two weeks.

Officials from Italy, France and Spain sought to include a jointly issued debt as a means of financing the plan. However, joint debt went too far for Germany, the Netherlands, Finland and Austria. German Chancellor Angela Merkel has said other methods of financing the plan are available.

Work continues on a broader recovery plan, which includes support for the creation of high quality jobs and reforms strengthening resilience and competitiveness.

For more on COVID-19, see our special coverage.