December 01
2020
Daniel Sarmiento
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23rd March 2020
Banking & Finance Covid-19 Institutional law

EU Ministers of Finance agree on triggering Stability and Growth Pact general escape clause in light of COVID-19 outbreak

In today’s meeting, Ministers of Finance of the EU Member States agreed with the assessment of the Commission, as set out in last week’s Communication, that the conditions for the use of the general escape clause of the EU fiscal framework are fulfilled.

According to the Statement issued this afternoon, the use of the clause will ensure the needed flexibility to take all necessary measures for supporting our health and civil protection systems and to protect the economies of the Member States, including through further discretionary stimulus and coordinated action, designed, as appropriate, to be timely, temporary and targeted, by Member States.

The Statement adds that the general escape clause will allow the Commission and the Council to undertake the necessary policy coordination measures within the framework of the Stability and Growth Pact, while departing from the budgetary requirements that would normally apply, in order to tackle the economic consequences of the pandemic.

The Eurogroup, in its inclusive formation, will gather tomorrow, 24 March, by videoconference, at 18h.30.

Read the full statement here.

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