the head of the ifo institute. we will ask on the guest what the next package means for the euro area economy, where he sees the front line, and what it means for europe. this is bloomberg. ♪ pres. trump: i hope we can do this by easter. i think that would be a great thing for our country, and we are all working very hard to make that a reality. we will be meeting with a lot of people to see if it can be done. easter is a very special day for many reasons. >> i think the notion that we " in the "back to normal month of april is absolutely inconceivable at this point. so i want to give people the truth because i think it helps us all to really get our expectations right. get to bloomberg first word news. we begin with the trump administration, descendent agreeing on a historic and massive stimulus plan. trillionor almost $2 in spending to boost the economy. most americans would get direct payments, small businesses would get aid to keep aid -- we get aid to keep employees on the payroll. it still must pass in the u.

to quote the president of the ifo institute, clemens fuest, who hasjust released figures suggesting a activity in germany in the last month, "the german economy is speeding into recession. there are leading economists who think the country's gdp for this year could contract by up to 9%." as one of germany's signature companies, businesses, you must accept that this is an environment in which your company is not going to be immune, is facing a profound crisis. there's no doubt that this challenge is twofold, both a medical one and an economical one. that is why we took such quick action with regard to matching our production capacities with the demand situation that we are now seeing in the market, really managing cash. and i think it's absolutely crucial as these things unravel that we watch when can we turn back on again? how can that be done in a responsible way? that is being discussed now, but i think it is maybe a bit too early to make a final prediction of where this is going to go. but, at the same time, being very realistic that yes, of course, this will have an economical and