Coronavirus, EU ‘suspends’ stability pact: “never happened”

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ECONOMY

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Coronavirus, EU 'suspends' stability pact: never happened

“Today, and this is new and it has never been done, we trigger the general safeguard clause of the stability pact. This means that national governments can pump what is needed into the economy. We are loosening the rules to allow them to do it. “Announces the President of the European Commission Ursula von der Leyen in a video message published on a social network.

“The closure of public life – adds von der Leyen – is necessary to slow down the spread of the virus, but it also seriously slows down our economy. Last week I said that I would do whatever is necessary to support the Europeans and the European economy. Today I am pleased to say that we have kept our word. ”

“The rules on state aid are the most flexible ever and allow countries to give money to the many businesses that are affected by the sudden shock: hotels, restaurants, transport companies, SMEs that risk closing without support”.

In addition to the loosening of EU budget rules (in fact one suspension of obligations under the stability pact) and on state aid, the new QE announced by the ECB and the use of the EU budget, “we will do more to support you and your families through this crisis” caused by Covid-19, promised von der Leyen in a video message published today on a social network.

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