The European Union's finance ministers have agreed to suspend their tough rules covering countries running deficits, because of the impact of COVID-19 on member states' economies. It is the first time the measures, which have been a key part of EU policy, have been suspended. The temporary measure gives governments "the needed flexibility to take all necessary measures for supporting our health and civil protection systems and to protect our economies," a statement said.

CGTN Europe's Toni Waterman explains what has been decided and the significance of the move.