|Author (Corporate)||European Commission: DG Economic and Financial Affairs|
|Series Details||COM (2020) 123|
Communication published by the European Commission on 20 March 2020, seeking to activate the general escape clause of the Stability and Growth Pact (SGP). It was released in the context of the COVID-19 outbreak.
This initiative - which requires the support of the Council of the European Union - is part of the Commission's strategy for a quick response to the socio-economic effects of the sanitary crisis. Once endorsed, it allows Member States to undertake measures to deal adequately with the situation, while departing from the budgetary requirements that would normally apply under the European fiscal framework.
The coronavirus pandemic was designated an 'unusual even outside the control of government'. The Commission believed that more far-reaching flexibility under the SGP is required to protect European citizens and businesses from the consequences of this crisis and to support the economic following the pandemic.
Ministers of Finance of the EU Member States expressed their agreement on 23 March with the assessment of the Commission as set out in this Communication.
|Subject Categories||Economic and Financial Affairs|
|Subject Tags||Economic and Monetary Union [EMU], Economic Governance | Situation|
|Keywords||COVID-19 Outbreak, Stability and Growth Pact [SGP]
|International Organisations||European Union [EU]|