Support for euro zone economy should stay as long as needed: Eurogroup President
- 3 years ago
Euro zone finance ministers agreed on Monday that supportive measures for the economy, helping it survive the COVID-19 pandemic crisis, should stay in place as long as needed, the chairman of the ministers Paschal Donohoe said on Monday. https://www.eudebates.tv/debates/eu-policies/economy/eurogroup-eu-will-decide-in-spring-on-budget-rules-for-2022/
Donohoe told a news conference after talks of the ministers that they would work out a common approach on the euro zone’s budgetary stance for 2022 “by the summer”, but that as the recovery gathers pace governments would have to move from blanket support to all companies, to more targeted measures.
#eudebates #NextGenerationEU #MFF #EUbudget #Covid_19 #coronavirus #CoronavirusOutbreak #Corona #COVD19 #Health #EUCO #COVID #Eurogroup #EXITstrategy #Economy #Eurobond #Eurobonds
He said the ministers would continue talks on how to handle the transition in April, including a more detailed discussion on how to identify companies that are viable and in need of further support and which should be allowed to fail in an orderly way.
The European Commission will issue guidance “in spring” to EU governments on when it thinks European Union budget rules limiting borrowing should be observed again after they were suspended last year to help fight the effects of the pandemic.
European Commissioner for Economic and Financial Affairs Paolo Gentiloni told a news conference the gradual withdrawal of trillions of euros in national and EU support measures to the economy would have to be managed carefully to avoid a sharp rise in bankruptcies.
Limits on government borrowing set by EU budget rules are suspended until the end of 2021. The timing “in spring” of the Commission guidance on the fiscal stance in 2022 is to allow EU countries time to prepare their budgets for next year.
European Union Economic Commissioner Paolo Gentiloni said on Monday that they will tell eurozone countries in spring whether or not EU budget rules will remain suspended in 2022, as reported by Reuters.
"We have to avoid a sharp rise in insolvencies in the future," Gentiloni added. "A careful management of the withdrawal of support measures for companies will be crucial."
ITALY
The European Union will work with Mario Draghi's new Italian government on overcoming longstanding drags on growth with structural reforms to stifling red tape and a snail-paced civil justice system as well as injecting more competition into the Italian economy, Economic Affairs Commissioner Paolo Gentiloni told Bloomberg TV Monday.
"I am confident that we will work together with the new government above all on reforms regarding civil service bureaucracy, delays in civil justice and competition rules," Gentiloni said. He described these three areas as "bottlenecks which have slowed Italian growth in the last few years".
Donohoe told a news conference after talks of the ministers that they would work out a common approach on the euro zone’s budgetary stance for 2022 “by the summer”, but that as the recovery gathers pace governments would have to move from blanket support to all companies, to more targeted measures.
#eudebates #NextGenerationEU #MFF #EUbudget #Covid_19 #coronavirus #CoronavirusOutbreak #Corona #COVD19 #Health #EUCO #COVID #Eurogroup #EXITstrategy #Economy #Eurobond #Eurobonds
He said the ministers would continue talks on how to handle the transition in April, including a more detailed discussion on how to identify companies that are viable and in need of further support and which should be allowed to fail in an orderly way.
The European Commission will issue guidance “in spring” to EU governments on when it thinks European Union budget rules limiting borrowing should be observed again after they were suspended last year to help fight the effects of the pandemic.
European Commissioner for Economic and Financial Affairs Paolo Gentiloni told a news conference the gradual withdrawal of trillions of euros in national and EU support measures to the economy would have to be managed carefully to avoid a sharp rise in bankruptcies.
Limits on government borrowing set by EU budget rules are suspended until the end of 2021. The timing “in spring” of the Commission guidance on the fiscal stance in 2022 is to allow EU countries time to prepare their budgets for next year.
European Union Economic Commissioner Paolo Gentiloni said on Monday that they will tell eurozone countries in spring whether or not EU budget rules will remain suspended in 2022, as reported by Reuters.
"We have to avoid a sharp rise in insolvencies in the future," Gentiloni added. "A careful management of the withdrawal of support measures for companies will be crucial."
ITALY
The European Union will work with Mario Draghi's new Italian government on overcoming longstanding drags on growth with structural reforms to stifling red tape and a snail-paced civil justice system as well as injecting more competition into the Italian economy, Economic Affairs Commissioner Paolo Gentiloni told Bloomberg TV Monday.
"I am confident that we will work together with the new government above all on reforms regarding civil service bureaucracy, delays in civil justice and competition rules," Gentiloni said. He described these three areas as "bottlenecks which have slowed Italian growth in the last few years".