Jorge Valero
Eurogroup fails to progress on economic response to pandemic
After a 16-hour teleconference that concluded on Wednesday morning (8 April), eurozone finance ministers failed to find an agreement on the economic package to tackle the economic impact of the coronavirus.
Commission to put forward updated MFF by end of April
The European Commission is planning to present an updated multi-annual financial framework proposal on 29 April, as part of the recovery strategy to tackle the economic fallout of the coronavirus, according to an internal document seen by EURACTIV.com.
France proposes a fund of EU’s 3% GDP against virus
The EU should have a fund capable of issuing debt totalling up to 3% of EU’s GDP (gross national income), or around €450 billion, to support the most affected countries, which would be repaid in proportion to each member state’s GNI, according to an internal document seen by EURACTIV.com.
The Brief – Deadly viruses and narratives
The coronavirus outbreak hit the world just a few weeks after Robert Shiller published ‘Narrative economics'. Europe now presents the American economist a unique case study.
Netherlands, Austria push for tougher conditions for corona-loans
The Hague and Vienna are insisting on including stricter conditionality attached to loans for coronavirus-hit countries, toughening up the formula proposed by the eurozone’s bailout fund (ESM) and seen by EURACTIV.com.
This is how the EU’s €100 billion corona-fund will work
Member states will provide guarantees to raise up to €100 billion for a new temporary fund to support workers in hard-hit countries affected by coronavirus, such as Italy and Spain, according to the proposal seen by EURACTIV.com.
Authorities call on bankers to adjust bonuses in response to pandemic
Banking authorities are calling on European banks to cut their bonuses for this year in order to reflect the impact of the coronavirus and dedicate more resources to the real economy.
Eurogroup to discuss EU-wide unemployment reinsurance scheme
The European Commission is planning to present to EU finance ministers next week its pan-European unemployment reinsurance scheme proposal to support the most affected countries by the coronavirus.
EU Commission expects deeper recession than in 2009
The economic slump caused by the coronavirus COVID-19 is expected to be deeper than the 2009 Great Recession, according to a European Commission document seen by EURACTIV.
Cashless payments versus the pandemic
Authorities are encouraging the use of electronic payments as a safer measure to maintain social distance and contain the spread of the coronavirus.
Leaders clash over stimulus against pandemic, pass hot potato to Eurogroup
EU leaders on Thursday (26 March) continued to disagree over the economic response to the coronavirus as Northern countries rejected the idea of issuing joint debt, known as "corona bonds", proposed by nine member states to finance the recovery.
MEPs demand a new long-term budget in response to coronavirus
Leading MEPs are urging the European Commission to update its proposal for the EU's 2021-27 budget and factor in the response that will be needed to tackle the consequences of the coronavirus pandemic.
European Parliament suspends normal plenary sessions until September
The coronavirus has forced the European Parliament to postpone its full four-day plenary sessions in Strasbourg until at least September, according to a revised calendar seen by EURACTIV.com.
Eurogroup nearing agreement to use bailout fund against pandemic
Countries of the euro area are close to an agreement to use the European Stability Mechanism to provide credit lines of up to 2% of their GDP to tackle the consequences of the coronavirus COVID-19.
EU countries warn of ‘severe economic downturn’, suspend Stability Pact
EU member states took the unprecedented decision to suspend the Stability and Growth Pact obligations on Monday (23 March), in order to allow billions of euros in extra spending to mitigate the "severe economic downturn" caused by the coronavirus.
The Brief – Hamilton versus coronavirus
The coronavirus COVID-19 is the most serious crisis Europe has faced since World War II, we heard over the past days in many capitals. In addition to the worrying number of victims, the European economy is plunging to “war-like times”.
Commission proposes unprecedented suspension of EU’s fiscal rules
The European Commission proposed for the first time on Friday (20 March) the activation of the general escape clause that would ‘pause’ the adjustments member states have to do to meet their fiscal targets and allow them to spend "as much as they need".
EU allocates Chinese aid to Italy to fight against the pandemic
A Chinese aid package sent to the EU, including masks and test kits, will be fully allocated to Italy, as Rome faces the most urgent needs among member states in the coronavirus crisis, EU officials told EURACTIV.
ECB unveils €750 billion stimulus against coronavirus
The European Central Bank unexpectedly announced just before midnight on Wednesday (18 March) that it would spend €750 billion in bond purchases to calm down sovereign debt markets, in the strongest signal in the euro area to date that it was ready to fight against the economic fallout of the coronavirus.
Germany and Netherlands ‘open’ to considering ‘coronabonds’
Germany and The Netherlands, two of the most staunch opponents to the idea of issuing common debt in the eurozone, would be “open” to discuss eurobonds to mitigate the economic impact of the coronavirus COVID-19.
Commission readies ‘crisis scheme’ for state aid approval
The European Commission prepared a temporary framework to fast-track state aid approval as a response to the coronavirus (COVID-19), last used in the aftermath of the financial crisis in 2008.
Euro area countries mobilise around €120 billion against coronavirus
Euro area countries have mobilised around 1% of their GDP (€120 billion) to fight against the economic fallout from the coronavirus but continued to disagree over deploying a joint fiscal stimulus, after a joint teleconference held on Monday (16 March).
MEPs step up pressure to adopt bolder measures against coronavirus
Members of the European Parliament called on member states and EU institutions to adopt a more ambitious package to address the economic fallout of the coronavirus COVID-19, as the European economy is expected to fall into recession this year due to the pandemic.