G7, euro zone finance ministers to hold phone conferences on COVID-19

Finance ministers of Group of Seven (G7) and euro zone nations will hold telephone conferences on Wednesday to discuss their actions in regard to the COVID-19 outbreak, French Minister of Economy and Finance Bruno Le Maire said Monday.

"We will have a conference on the telephone -- because we need to avoid travelling too much -- of G7 ministers this week to coordinate their responses," Le Maire told France 2 TV.

Euro zone ministers are also scheduled to hold a similar phone conference on Wednesday, during which "there will be concerted action," he added.

The spread of the virus has had an impact "much more significant" than previously forecast on the French economy, the minister said without elaborating.

Le Maire said the government will mobilize everything necessary to help domestic enterprises face the impact.

"We will show full solidarity with all entrepreneurs who are nowadays on the first line," he said.

He announced last week that companies can declare a "force majeure" over COVID-19, which will remove their liability for breaching contracts because of unexpected circumstances beyond control.