Measures taken to support the European economy in face of the coronavirus crisis

The European Commission (EC) is coordinating a common European response to the outbreak of COVID-19. The European Commission and European Central Bank (ECB) are taking resolute action to reinforce our public health sectors and mitigate the socio-economic impact in the European Union.

Here is a message from President of the European Commission – Ursula von der Leyen, on the latest measures to address the coronavirus

ECB announces €750 billion Pandemic Emergency Purchase Programme

European Central Bank announced new Pandemic Emergency Purchase Programme (PEPP) which will have an overall envelope of €750 billion. Purchases will be conducted until the end of 2020 and will include all the asset categories eligible under the existing asset purchase programme (APP). Read more here.

European Commission economic response

European Commission has proposed to activate the general escape clause of the Stability and Growth Pact (SGP) as part of its strategy to respond quickly, forcefully and in a coordinated manner to the coronavirus pandemic. Once endorsed by the Council, it will allow Member States to undertake measures to deal adequately with the crisis, while departing from the budgetary requirements that would normally apply under the European fiscal framework. Read more here.