MOSCOW (Pakistan Point News / Sputnik - 14th July, 2020) The European Commission on Tuesday praised the list of so-called best practices agreed on by representatives of Europe's financial sector and consumer and business organizations to boost lending to the real economy amid the COVID-19-related economic crisis.
According to the commission's statement, the best practices include a payment moratorium for problematic consumer and business loans, enabling safer cashless payments, ensuring loans aimed at mitigating the impact of COVID-19 are provided swiftly and legitimate insurance claims are processed and paid out as quickly as possible.
"Our goal right now is to make sure that the liquidity taps are kept turned on and that consumers and especially smaller companies can get the financial support they need. I warmly welcome the extensive dialogue that we have had with the European financial sector, and business and consumer representatives. Our fruitful discussions have led to today's 'best practices' list. I invite all those concerned to make full use of this valuable tool," Executive Vice-President for an Economy that Works for People Valdis Dombrovskis said, as quoted by the press release.
Dombrovskis added that the European Commission and representatives of the financial sector, business and consumer organizations would gather again to continue discussions regarding additional measures to speed up recovery in September.
