Euro & Finance
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.
France wants EU to win virus ‘communications battle’
European solidarity is being put to the test as some EU member states are not supporting the idea of 'corona bonds' and the EU's approach to communicating with the public about the crisis remains too discreet, according to Paris. EURACTIV France reports.
EU warns virus could expose firms to foreign buy outs
The head of the European Commission warned Wednesday (25 March) that the economic aftermath of the coronavirus could leave strategic private sector firms exposed to foreign takeovers.
German parliament suspends debt brake to fight coronavirus outbreak
The German lower house on Wednesday (25 March) suspended the country's constitutionally enshrined debt brake, approving a massive stimulus package by Chancellor Angela Merkel's government to weather the economic fallout from the coronavirus outbreak.
COVID-19: France wants to activate EU bailout fund without conditions or delay
The financial crisis management tool of the eurozone countries must be activated without delay and without conditions, said French Economy Minister Bruno Le Maire before the Eurogroup meeting on Tuesday (24 March). EURACTIV France reports.
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.
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 open to ‘coronabonds’ to cushion economic fallout – von der Leyen
The European Commission is ready to consider backing common debt issuance in the eurozone to help the bloc weather the massive economic impact of the coronavirus outbreak, its president said on Friday (20 March).
Only five member states meet key money laundering deadline
A large majority of members states failed to introduce by 10 January public registers to reveal the true owners of all companies based in their countries, as part of the fight against money laundering, a report published on Friday (20 March) revealed.
Italy’s Conte calls for EU’s ‘full firepower’ against virus
Italian Prime Minister Giuseppe Conte called Friday (20 March) for the European Union to tap the "full firepower" of its rescue fund to combat the coronavirus outbreak.
France’s budget deficit could skyrocket to 7% of GDP in COVID-19 aftermath
The French government continues to announce stimulus spending, as well as support measures for companies, employees and the research sector worth billions to mitigate the COVID-19 crisis. Although necessary, those measures could send the country's budget deficit through the roof, EURACTIV France reports.
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.
Spain unveils ‘unprecedented’ €200 billion coronavirus package
Spain announced a €200 billion package on Tuesday (17 March) to help companies and protect workers and other vulnerable groups affected by the spiralling coronavirus crisis.
Fearing coronavirus recession, France weighs nationalisation
France's finance minister said Tuesday (17 March) that he was willing to nationalise large companies to protect them from bankruptcy, while warning that the country faces recession this year as the coronavirus epidemic sinks the economy.
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).
Eurogroup chief: EU living ‘war-like’ conditions, long struggle lies ahead
Eurogroup chief Mario Centeno warned on Monday (16 March) that under the coronavirus outbreak the European economy is experiencing the equivalent of a war, and that a long struggle lies ahead.
Coronavirus will send EU spiraling into recession in 2020: Breton
The coronavirus pandemic will plunge the European Union into recession this year, the EU’s internal market Commissioner Thierry Breton said, estimating the bloc’s economy risked a 2-2.5% hit.
EU ministers hold videoconference to agree coordinated economic coronavirus response
European Union finance ministers plan to agree on Monday (16 March) on a coordinated economic response to the coronavirus pandemic, with the European Commission forecasting the effects of the virus could push the EU into a recession. The action would...
Austria launches coronavirus aid, ready to help support companies
Austria is making €4 billion immediately available to deal with the economic fallout from the coronavirus pandemic, the conservative-led government said on Saturday as it ditched a central pledge to balance its budget.
Coronavirus ‘very likely’ to push Europe into recession, Commission warns
The European Commission said on Friday (13 March) that the coronavirus COVID-19 will “very likely” push the European economy into recession this year, and warned that the rebound next year will depend on a bold response from member states.
Coronavirus: Macron announces drastic measures in France
France will close from Monday all nurseries, schools and universities to try to slow the spread of the coronavirus, President Emmanuel Macron said in a televised address on Thursday (12 March), calling the outbreak the nation's worst public health crisis in a century.
ECB approves more money, seeks strong fiscal stimulus versus coronavirus
The ECB decided on Thursday to inject more money into the real economy to combat the economic fallout of coronavirus. As markets continued to plunge, the bank's president Christine Lagarde stepped up pressure on member states to pass an “ambitious and collective” fiscal stimulus.