MOSCOW (Pakistan Point News / Sputnik - 17th March, 2020) The Eurogroup said on Monday it had agreed on fiscal measures of around 1 percent of the GDP for 2020 to support the economy amid the coronavirus disease pandemic.
"Preliminary estimates of the European Commission show that total fiscal support to the economy will be very sizeable. We have, so far, decided fiscal measures of about 1% of the GDP, on average, to support the economy, in addition to the impact of automatic stabilizers, which should work fully. We have, so far, committed to provide liquidity facilities of at least 10% of the GDP, consisting of public guarantee schemes and deferred tax payments. These figures could be much larger going forward," Eurogroup said in a statement, released after its meeting, held in the video conference format.
The informal body of the eurozone finance ministers added it would continue monitoring the situation around the COVID-19 closely, expressing readiness to react urgently, if needed.
