Video conference of the Eurogroup, 8 May 2020

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Publication Date 08/05/2020
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The Eurogroup - in its regular format - held a video conference on 8 May 2020.

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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.

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Commentary and Analysis
EPRS: Briefing, May 2020: ESM Pandemic Crisis Support

EurActiv, 09/05/2020: 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
Reuters, 08/05/2020: EU aiming to agree first part of coronavirus economic rescue, but work unfinished
RTÉ News, 08/05/2020: €240 billion in low-cost credit for eurozone member states approved

EU ESM: ESM Pandemic Crisis Support
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
European Commission: Remarks by Commissioner Gentiloni at the Eurogroup press conference, 8 May 2020
Eurogroup: Eurogroup Statement on the Pandemic Crisis Support, 8 May 2020
Eurogroup: Remarks by Mário Centeno following the Eurogroup videoconference of 8 May 2020
EU ESM: Press Release, 08/05/2020: Klaus Regling at Eurogroup video press conference

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