Coronavirus emergency economic-aid package
17 March 2020
The EU Commission presented an immediate response to mitigate the socio-economic impact of the COVID-19 outbreak, centred on a European coordinated response.
The Commission announce that will use all the instruments at its disposal to mitigate the consequences of the pandemic, in particular:
- To ensure the necessary supplies to our health systems by preserving the integrity of the Single Market and of production and distribution of value chains;
- To support people so that income and jobs are not affected disproportionally and to avoid permanent effect of this crisis;
- To support firms and ensure that the liquidity of our financial sector can continue to support the economy;
- To allow Member States to act decisively in a coordinated way, through using the full flexibility of the State Aid and Stability and Growth Pact Frameworks.
The Commission will propose to the Council to apply the full flexibility provided for in the EU fiscal framework so that they can implement the measures needed to contain the coronavirus outbreak and mitigate its negative socio-economic effects.
This article provides further insight on European Commission’s recommendations and the measures taken so far by the government and major banks in EU.