Eurogroup agrees on COVID-19 economic policy response

The Eurogroup met via videoconference yesterday (march 16, 2020) to discuss a coordinated policy response to help contain the COVID-19 outbreak and mitigate its negative socio-economic effects.

The Eurogroup agreed that an immediate, ambitious and co-ordinated policy response is needed. They have put together a first set of national and European measures to be taken, while setting a framework for further actions to respond to developments and to support the economic recovery. The Commission welcomes that the Eurogroup’s determination to do whatever it takes to effectively address the current challenges and to restore confidence and support a rapid recovery. Executive Vice-Presidents Valdis Dombrovskis and Margrethe Vestager, together with Commissioner Paolo Gentiloni, presented the Commission’s proposals to mitigate the negative socio-economic consequences of the COVID-19 outbreak.

These proposals, which include amongst other points, using the full flexibility of our State-aid and fiscal frameworks, mobilising the EU budget to allow the EIB Group to provide short-term liquidity to SMEs, and directing EUR 37 billion to the fight COVID-19 under the Coronavirus Response Investment Initiative, were welcomed by the Eurogroup.Commissioner Gentiloni’s statement at the press conference, which followed the Eurogroup is available here