Video conference of the Eurogroup, 7-9 April 2020

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Publication Date April 2020
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Summary:

The Eurogroup - in its inclusive format - held a video conference on 7 and 9 April 2020.

Further information:

Finance ministers from across the European Union worked on further measures for a coordinated response to the economic impact of the COVID-19 pandemic, as requested by the European Council in March 2020.

Media outlets reported on the ongoing tension between two factions within the Eurozone around the issuing of the so-called 'coronabonds' - shared debt to cover the financing of measures to address the sanitary crisis and consequent economic fallout. This was the reason why the video conference - initially scheduled to be held solely on 7 April - was later extended to 9 April. A report was eventually adopted by the Eurogroup, which outlines a set of proposals subject to endorsement by the European Council at a later date.

The Eurogroup also held a first discussion on a proposal for a temporary recovery fund to support European investments towards a "better, greener, more resilient and more digital economy".

The head of the Eurogroup discussed these measures with the European Parliament's economic and monetary affairs committee on 21 April.

Source Link https://www.consilium.europa.eu/en/meetings/eurogroup/2020/04/07-09/
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Commentary and Analysis
Euro|topics, April 2020: Coronabonds: yes or no? https://www.eurotopics.net/en/238296/
Euro|topics, April 2020: EU in tug of war over corona aid https://www.eurotopics.net/en/237601/
Bruegel: Podcast, 10/04/2020: Did the Eurogroup save the day? https://www.bruegel.org/2020/04/can-the-eurogroup-save-the-day/
Reuters, 10/04/2020: Congratulations, it's a fudge: EU crisis deal leaves much unresolved https://uk.reuters.com/article/idUKKCN21S1JA
Social Europe, 13/04/2020: Not (yet) up to the task: how eurozone members are gambling away post-Covid economic recovery https://www.socialeurope.eu/not-yet-up-to-the-task-how-eurozone-members-are-gambling-away-post-covid-economic-recovery

News
Politico, 08/04/2020: Eurogroup falls short of economic deal to fight coronavirus https://www.politico.eu/article/eurogroup-talks-to-save-eu-economy-gridlocked-over-credit-lines-corona-bonds/
Deutsche Welle, 08/04/2020: EU fails to agree on coronavirus recovery deal https://p.dw.com/p/3acKN
Reuters, 08/04/2020: EU ministers fail to agree coronavirus economic rescue https://www.reuters.com/article/idUSKBN21Q0MJ
The Guardian, 08/04/2020: Eurozone fails to agree deal on €540bn coronavirus rescue plan https://www.theguardian.com/business/2020/apr/08/eurozone-fails-to-agree-on-540bn-coronavirus-rescue-plan
RTÉ News, 08/04/2020: EU fails to reach deal on Covid-19 bailout plan https://www.rte.ie/news/europe/2020/0408/1129232-europe-bailout-fund-talks/
YLE News, 08/04/2020: Finland rejects joint EU debt to fight corona crisis https://yle.fi/uutiset/osasto/news/finland_rejects_joint_eu_debt_to_fight_corona_crisis/11297764
Kathimerini, 09/04/2020: Greece hopes Thursday’s Eurogroup will bridge differences on coronavirus aid https://www.ekathimerini.com/251520/article/ekathimerini/news/greece-hopes-thursdays-eurogroup-will-bridge-differences-on-coronavirus-aid
Deutsche Welle, 09/04/2020: EU ministers make breakthrough on coronavirus economic response https://p.dw.com/p/3aibq
France24, 09/04/2020: EU finance ministers reach agreement on coronavirus rescue deal https://www.france24.com/en/20200409-eu-finance-ministers-reach-agreement-on-coronavirus-rescue-deal
Jornal Económico, 09/04/2020: Eurogroup already has agreement for economic response to the coronavirus outbreak https://jornaleconomico.sapo.pt/en/news/eurogroup-already-has-agreement-to-respond-to-the-coronavirus-outbreak-574165
Euronews, 10/04/2020: Coronavirus: EU finance ministers agree on €500 billion emergency fund https://www.euronews.com/2020/04/09/coronavirus-eurogroup-finance-ministers-agree-on-500-billion-emergency-fund
EurActiv, 10/04/2020: Eurogroup agrees on €540 billion corona-package https://www.euractiv.com/section/economy-jobs/news/eurogroup-agrees-on-e540-billion-corona-package/
Politico, 10/04/2020: EU agrees on €500B of economic aid but no ‘corona bonds’ https://www.politico.eu/article/corona-bonds-fade-in-midst-of-eurogroups-e500b-economic-strategy/
EUObserver, 10/04/2020: Eurozone agreed €500bn cushion against virus blow https://euobserver.com/coronavirus/148046

Official
Eurogroup: Remarks by Mário Centeno following the Eurogroup videoconference of 9 April 2020 https://www.consilium.europa.eu/en/press/press-releases/2020/04/09/remarks-by-mario-centeno-following-the-eurogroup-videoconference-of-9-april-2020/
Eurogroup: Press Release, 09/04/2020: Report on the comprehensive economic policy response to the COVID-19 pandemic https://www.consilium.europa.eu/en/press/press-releases/2020/04/09/report-on-the-comprehensive-economic-policy-response-to-the-covid-19-pandemic/
EIB: Media Centre, 09/04/2020: Statement by President Hoyer on Eurogroup's agreement for a joint response to COVID-19 https://www.eib.org/en/press/news/eib-group-welcomes-eurogroup-agreement-for-joint-eu-response-covid-19
European Commission: Remarks by Commissioner Gentiloni at the Eurogroup press conference (9 April 2020) https://ec.europa.eu/commission/presscorner/detail/en/speech_20_646
European Council: Statement by the President of the European Council Charles Michel following the agreement of the Eurogroup (10 April 2020) https://www.consilium.europa.eu/en/press/press-releases/2020/04/10/statement-by-the-president-of-the-european-council-charles-michel-following-the-agreement-of-the-eurogroup/
European Parliament: Press Release, 21/04/2020: More ambition needed for EU recovery instruments, says majority of MEPs https://www.europarl.europa.eu/news/en/press-room/20200419IPR77414/

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Record URL https://www.europeansources.info/record/?p=521585