Video conference of the Eurogroup, 24 March 2020

Summary:

The Eurogroup held a video conference on 24 March 2020, during which there was a discussion on further policy responses to the economic impact of the COVID-19 outbreak.

Further information:

Media sources reported on increasing consensus in the Eurogroup around the creation of a pandemic crisis support safeguard based on an existing precautionary instrument within the European Stability Mechanism (ESM).

Official

Eurogroup: Remarks by Mário Centeno following the Eurogroup videoconference of 24 March 2020 https://www.consilium.europa.eu/en/press/press-releases/2020/03/24/remarks-by-mario-centeno-following-the-eurogroup-meeting-of-24-march-2020/

European Commission: Remarks by Commissioner Gentiloni at the Eurogroup press conference (24 March 2020) https://ec.europa.eu/commission/presscorner/detail/en/speech_20_525

Eurogroup: Letter of Eurogroup President Mario Centeno to the President of the European Council following the Eurogroup of 24 March 2020 https://www.consilium.europa.eu/en/press/press-releases/2020/03/25/letter-of-eurogroup-president-mario-centeno-to-the-president-of-the-european-council-following-the-eurogroup-of-24-march-2020/

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News

RTÉ News, 24/03/2020: Eurozone 'agrees in principle' to use bailout mechanism to aid economies affected by coronavirus pandemic https://www.rte.ie/news/coronavirus/2020/0324/1126065-coronavirus-eurozone-finance/

EurActiv, 25/03/2020: Eurogroup nearing agreement to use bailout fund against pandemic https://www.euractiv.com/section/economy-jobs/news/eurogroup-nearing-agreement-to-use-bailout-fund-against-pandemic/

Politico, 24/03/2020: EU finance ministers deadlock on coronavirus economic strategy https://www.politico.eu/article/eu-finance-minister-deadlock-on-coronavirus-economic-strategy/

Bloomberg, 25/03/2020: Eurogroup’s Centeno Sees ‘Broad Support’ for ESM Use When Needed https://www.bloomberg.com/news/videos/2020-03-25/europgroup-s-centeno-sees-broad-support-for-esm-use-when-needed-video

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