(...) Euro area: economic outlook and challenges
The Chair of the European Parliament's Economic and Monetary Affairs Committee (ECON), Irene Tinagli, was invited by President Mário Centeno to discuss the economic outlook of the euro area in the context of the COVID-19 crisis. (...)
Economic response to the COVID-19 crisis
The Eurogroup reviewed the progress made on the economic safety nets agreed at the 9 April Eurogroup video conference and endorsed by the members of the European Council.(...) Ministers also held a strategic discussion on the priorities for the EU' economic recovery.(...)
State aid framework
The European Commission briefed ministers on the second amendment adopted on 8 May 2020 to extend the scope of the state aid temporary framework. The temporary framework was adopted on 19 March 2020 to help member states support the economy in the context of the COVID-19 pandemic. (...) Vedi anche questa pagina web: collegamento
Remarks by Mario Centeno
Let me take a moment to summarise where we stand with our three safety nets.
As of today, Pandemic Crisis Support is operational. This afternoon, the ESM Board of Governors formally confirmed eligibility of all euro area member states and made the instrument available with immediate effect. Member states are doing whatever is needed to get this pandemic under control. The ESM is ready to support them in that. The exceptional costs incurred with direct and indirect health care, cure and prevention expenses, can be covered by the mechanism. So the first safety net – for sovereigns – is now in place.
The second safety net is for workers – the SURE programme. The Council has reached a political agreement on all aspects this morning. The SURE programme will become law in a few days, after formal procedures are completed. Member states are doing whatever is needed to protect workers, their jobs and their incomes during this pandemic. The SURE programme means that these efforts are backed up by European solidarity, in the form of cheap loans.
The third and final safety net is for businesses - the EIB’s so-called Pan-European Guarantee. President Hoyer debriefed us on the progress made to define the main parameters of this scheme. Policy formulation always entails some political choices and trade-offs. The discussion today helped to clarify where we now stand, especially on issues of scope and risk management. I believe today we prepared the ground for an agreement by the EIB. I will remain closely involved in this file in the next few days. Once this is operationalised, countries can start contributing to the guarantee fund that constitutes the firepower of this instrument.
(...) today the Eurogroup discussed strategic priorities for the recovery, together with non-euro area ministers. (...) the Recovery fund. It must be temporary, targeted, and commensurate with the extraordinary costs of this crisis; it must help spread costs over time and ensure solidarity with most affected member states. (...) I sense a broad consensus for using the recovery as an opportunity to accelerate the modernisation of our economies, in particular the transition to a green and digital economy. Policies to restart the single market and preserving the integrity of supply chains, which demonstrate the interdependence of our economies, are also a priority. (...) As we pool further resources, it makes sense to channel our response through instruments that address agreed spending priorities and to resume the reform process, while preserving the ownership of these policies at the national dimension. In defining the common priorities, we should not lose sight of the specificity of the euro area. (...) The Commission’s proposal for a Recovery Fund, to be expected by the end of the month, will define this debate and we will be able to return to this with a more focused discussion. (...)
The Chair of the European Parliament's Economic and Monetary Affairs Committee (ECON), Irene Tinagli, was invited by President Mário Centeno to discuss the economic outlook of the euro area in the context of the COVID-19 crisis. (...)
Economic response to the COVID-19 crisis
The Eurogroup reviewed the progress made on the economic safety nets agreed at the 9 April Eurogroup video conference and endorsed by the members of the European Council.(...) Ministers also held a strategic discussion on the priorities for the EU' economic recovery.(...)
State aid framework
The European Commission briefed ministers on the second amendment adopted on 8 May 2020 to extend the scope of the state aid temporary framework. The temporary framework was adopted on 19 March 2020 to help member states support the economy in the context of the COVID-19 pandemic. (...) Vedi anche questa pagina web: collegamento
15/05/2020 - Economy and the euro
In
inclusive format, the Eurogroup reviewed progress made on economic
safety nets to tackle the COVID-19 fallout and discussed plans to
relaunch the economy. The European Commission briefed ministers on
recent amendments to the state aid temporary framework.
Remarks by Mario Centeno
Let me take a moment to summarise where we stand with our three safety nets.
As of today, Pandemic Crisis Support is operational. This afternoon, the ESM Board of Governors formally confirmed eligibility of all euro area member states and made the instrument available with immediate effect. Member states are doing whatever is needed to get this pandemic under control. The ESM is ready to support them in that. The exceptional costs incurred with direct and indirect health care, cure and prevention expenses, can be covered by the mechanism. So the first safety net – for sovereigns – is now in place.
The second safety net is for workers – the SURE programme. The Council has reached a political agreement on all aspects this morning. The SURE programme will become law in a few days, after formal procedures are completed. Member states are doing whatever is needed to protect workers, their jobs and their incomes during this pandemic. The SURE programme means that these efforts are backed up by European solidarity, in the form of cheap loans.
The third and final safety net is for businesses - the EIB’s so-called Pan-European Guarantee. President Hoyer debriefed us on the progress made to define the main parameters of this scheme. Policy formulation always entails some political choices and trade-offs. The discussion today helped to clarify where we now stand, especially on issues of scope and risk management. I believe today we prepared the ground for an agreement by the EIB. I will remain closely involved in this file in the next few days. Once this is operationalised, countries can start contributing to the guarantee fund that constitutes the firepower of this instrument.
(...) today the Eurogroup discussed strategic priorities for the recovery, together with non-euro area ministers. (...) the Recovery fund. It must be temporary, targeted, and commensurate with the extraordinary costs of this crisis; it must help spread costs over time and ensure solidarity with most affected member states. (...) I sense a broad consensus for using the recovery as an opportunity to accelerate the modernisation of our economies, in particular the transition to a green and digital economy. Policies to restart the single market and preserving the integrity of supply chains, which demonstrate the interdependence of our economies, are also a priority. (...) As we pool further resources, it makes sense to channel our response through instruments that address agreed spending priorities and to resume the reform process, while preserving the ownership of these policies at the national dimension. In defining the common priorities, we should not lose sight of the specificity of the euro area. (...) The Commission’s proposal for a Recovery Fund, to be expected by the end of the month, will define this debate and we will be able to return to this with a more focused discussion. (...)
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