Video conference of the Eurogroup, 24 March 2020

Due to COVID-19 precautionary measures, the Eurogroup convened via video conference.

Main results

The Eurogroup discussed further policy responses to the COVID-19 economic fallout, following the invitation of members of the European Council on 17 March.

Governments and institutions in the EU are taking decisive measures. First, there is a clear increase in our fiscal response. In one week alone, the total amount of the fiscal measures at national level has doubled and is now estimated at 2% of GDP. Liquidity support schemes for firms and workers have been scaled up from 10% to more than 13% of GDP. Second, coordinated measures at the European level are being deployed, supplementing national efforts. Third, we have started a debate on additional forms of support to reinforce crisis management and prepare the ground for the economic recovery. Eurogroup President Mário Centeno

The President of the Eurogroup will report to the members of the European Council at their next video conference on 26 March.

There is broad support to consider a pandemic crisis support safeguard based on an existing ESM precautionary instrument, such as the Enhanced Conditions Credit Line (ECCL). This would provide an additional line of defence for the euro and work as an insurance to protect us against this unfolding crisis.

Eurogroup President Mário Centeno

• Remarks by Mário Centeno following the Eurogroup videoconference of 24 March 2020 (press release)
• Letter of Eurogroup President Mario Centeno to the President of the European Council following the Eurogroup of 24 March 2020
• Video conference of the members of the European Council, 17 March 2020
• Video conference of members of the European Council, 26 March 2020