EU countries warn of ‘severe economic downturn’, suspend Stability Pact

By |marec 24th, 2020|coronabonds, coronavirus, COVID-19, escape clause, European Stability Mechanism (ESM), News, stability and growth pact|

EU member states took the unprecedented decision to suspend the Stability and Growth Pact obligations on Monday (23 March), in order to allow billions of euros in extra spending to mitigate the "severe economic downturn" caused by the coronavirus.

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Commission proposes unprecedented suspension of EU’s fiscal rules 

By |marec 20th, 2020|coronabonds, coronavirus, COVID-19, escape clause, News, stability and growth pact|

The European Commission proposed for the first time on Friday (20 March) the activation of the general escape clause that would ‘pause’ the adjustments member states have to do to meet their fiscal targets and allow them to spend "as much as they need".

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