October 21, 2020

“We live with the virus, between the economic emergency and the recovery”


“We are not in a war, which one day ends”, said the European Commissioner for Finance: “We are coming out of the emergency, but we are still in the emergency; beginning the recovery, but living with the virus.” Paolo Gentiloni has thus explained the new European economic normality, in which there are still infections and deaths, but in which governments try to keep the economy open despite the health ravages generated by the absence of severe confinements.

The clamp between the Netherlands and Hungary threatens the 140,000 million for Spain of the European recovery fund

The clamp between the Netherlands and Hungary threatens the 140,000 million for Spain of the European recovery fund

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For all these reasons, the commissioner has announced after the Eurogroup, the meeting of finance ministers of the euro zone, that the Community Executive will keep the escape clause of the stability and growth pact activated throughout 2021: “We have told the ministers of EU finances that take into account in next year’s budget that the clause will be active and will have fiscal support in 2021. Fiscal measures have to be chosen carefully, taking into account the search for growth in an emergency context on horseback with recovery. ”

Gentiloni has also shown his confidence that the Spanish Government will send to Brussels a “strong and ambitious” plan to absorb European aid from the recovery fund: “The dialogue is underway, I have personally met with the Prime Minister and the Minister [de Seguridad Social, José Luis Escrivá] and I know that our services are in contact with the Spanish authorities. I am totally confident that Spain will present a strong and ambitious plan for a much needed recovery. ”

The Government has announced that the President of the Government, Pedro Sánchez, and his vice-presidents will present the Recovery, Transformation and Resilience Plan on Wednesday at 11 a.m., which they will send to the European Commission on October 15.

Another man at the ECB

The Eurogroup has also supported the appointment of the Dutch Frank Elderson, current Executive Director of Supervision of the Bank of the Netherlands, as a new member of the Executive Board of the European Central Bank (ECB), replacing Yves Mersch from Luxembourg. The Dutchman has prevailed over Slovenian Bostijan Jazbec, director of Planning and Resolution Decisions at the Single Resolution Board (SRB). The decision will be formalized this Tuesday at Ecofin, the meeting of the EU Economy and Finance ministers.

Both the ECB and the European Parliament will have to issue opinions on the appointment, although they are not binding. The appointment will continue to leave a single woman among the 25 members of the governing board of the ECB.

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