The European Commission will issue a new EU budget proposal to deal with the economic consequences of the coronavirus pandemic, the EU Commission president Ursula von der Leyen announced on Saturday.

On 21 February, EU leaders failed to agree on the next EU budget, for the 2021-2027 period. They disagreed on the sum as well as on the spending, from agriculture to digital, defense and migration.

Debates on the EU budget were scheduled to continue but the COVID-19 global pandemic has disrupted all plans.

"To ensure that the economy's recovery, the Commission will propose changes in the EU budget, to face the consequences of the coronavirus crisis," von der Leyen said in a press release.

"It will include a stimulus package that will guarantee the Union's cohesion through solidarity and responsability."

During Thursday's EU Council summit, held over video conference due to the pandemic, European leaders did not reach an agreement on the bloc's response to the unprecedented health crisis.

Europe and the rest of the world are expected to enter recession later this year due to the coronavirus pandemic.