The European Union (EU) Ministers of Finance of the Member States of the EU jointly with the EU Commission have taken decisive action to allow appropriate reaction to the effects on the financial sector due to the COVID-19 crisis.
The action issued today will ensure the needed flexibility to take all necessary measures for supporting the health and civil protection systems and to protect our economies, including through further discretionary stimulus and coordinated action, designed, as appropriate, to be timely, temporary and targeted, by Member States.
Ministers remain fully committed to the respect of the Stability and Growth Pact but the action today will allow the Commission and the Council to undertake the necessary policy coordination measures within the framework of the Stability and Growth Pact, while departing from the budgetary requirements that would normally apply, in order to tackle the economic consequences of the pandemic. This is in anticipation of a severe economic downturn expected as a result of the crisis.
WOCCU continues to urge this flexibility in allowing our credit unions to appropriately respond to the crisis.
The press release of today's action can be viewed here.