Video conference of the Eurogroup, 8 May 2020

Summary:

The Eurogroup - in its regular format - held a video conference on 8 May 2020.

Further information:

The Eurogroup agreed on the so-called Pandemic Crisis Support instrument of the European Stability Mechanism (ESM) and adopted a Statement on this matter. This mechanism is part of a package of immediate economic support in the context of the COVID-19 (coronavirus) outbreak, previously agreed by the Eurogroup.

Finance ministers also exchanged views on the economic situation of the Eurozone, based on the economic forecast published by the European Commission.

Official

EU ESM: ESM Pandemic Crisis Support https://www.esm.europa.eu/content/europe-response-corona-crisis

European Commission: Letter from Executive Vice-President Dombrovskis and Commissioner Gentiloni to Eurogroup President Centeno clarifying how the Commission intends to carry out surveillance in the framework of the ESM’s pandemic crisis support, 7 May 2020 https://ec.europa.eu/info/sites/info/files/economy-finance/letter_to_peg.pdf

European Commission: Remarks by Commissioner Gentiloni at the Eurogroup press conference, 8 May 2020 https://ec.europa.eu/commission/presscorner/detail/en/speech_20_842

Eurogroup: Eurogroup Statement on the Pandemic Crisis Support, 8 May 2020 https://www.consilium.europa.eu/en/press/press-releases/2020/05/08/eurogroup-statement-on-the-pandemic-crisis-support/

Eurogroup: Remarks by Mário Centeno following the Eurogroup videoconference of 8 May 2020 https://www.consilium.europa.eu/en/press/press-releases/2020/05/08/remarks-by-mario-centeno-following-the-eurogroup-videoconference-of-8-may-2020/

EU ESM: Press Release, 08/05/2020: Klaus Regling at Eurogroup video press conference https://www.esm.europa.eu/press-releases/klaus-regling-eurogroup-video-press-conference-2020-05-08

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News

EurActiv, 09/05/2020: ESM corona-loans expected to be available from 15 May https://www.euractiv.com/section/economy-jobs/news/esm-corona-loans-expected-to-be-available-from-15-may/

EurActiv, 09/05/2020: Conte still ‘cautious’ on ESM but up to Italian parliament to decide activation https://www.euractiv.com/section/economy-jobs/news/conte-still-cautious-on-esm-but-up-to-italian-parliament-to-decide-activation/

Reuters, 08/05/2020: EU aiming to agree first part of coronavirus economic rescue, but work unfinished https://uk.reuters.com/article/idUKL8N2CQ4XT

RTÉ News, 08/05/2020: €240 billion in low-cost credit for eurozone member states approved https://www.rte.ie/news/2020/0508/1137356-240-billion-in-low-cost-credit-for-eurozone-states/

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Commentary and Analysis

EPRS: Briefing, May 2020: ESM Pandemic Crisis Support https://www.europarl.europa.eu/thinktank/en/document.html?reference=IPOL_BRI(2020)651350

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