Euronews went to the Brussels Economic Forum and spoke to the European Commissioner for Economy, Paolo Gentiloni - and the European Council President, Charles Michel, about the EU's €1.82 trillion joint recovery package, and how it is helping to cushion the economic fallout. The economic impact from the pandemic has been severe. According to the EU Summer forecast, the economy is set to contract by 8.3% in 2020 and grow by 5.8% in 2021. To help growth, the EU came up with a two-fold response: the new NextGenerationEU plan and a reinforced long-term EU budget. Commissioner Gentiloni described the decision as 'extraordinary'. "For the first time we are issuing common debt to support common purposes,” he noted, while emphasising that both national and common European responses are needed. EU Council President, Charles Michel, applauded the role played by state intervention, while cautioning that it must not displace the private sector or disrupt the level playing field of the single market. Going forward, Charles Michel and Paolo Gentiloni both emphasised the importance of the European Green Deal and the digital agenda, and Gentiloni also underscored the need to instil confidence and to fight uncertainty. “So the European package is absolutely crucial, not only from the economic point of view, but also I would say psychologically,” he said.