Mon. Mar 30th, 2020

The Eurogroup supports the rescue fund to finance the pandemic



The Ministers of Economy and Finance of the European Union (EU) are in favor of the European Stability Mechanism, the eurozone rescue fund, providing a specific financing line for all countries that want to request funds to fight against the coronavirus pandemic.

Countries could receive funds equivalent to up to 2% of their GDP subject to conditions, as explained by the president of the Eurogroup, Mário Centeno, after a meeting of the economic holders of the Twenty-seven by videoconference dedicated to address the measures in the face of the economic crisis generated by the coronavirus.

Centeno pointed out that “although there is broad support around these characteristics, more work is needed on the details” and that it will be up to the heads of state and government to decide the concrete response of the EU at its telematic summit next Thursday.

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