April 8, 2020 | Today, the European Union is launching its “Team Europe” package to support partner countries in the fight against the coronavirus pandemic and its consequences. The objective of the “Team Europe” approach is to combine resources from the EU, its Member States, and financial institutions, in particular the European Investment Bank and the European Bank for Reconstruction and Development. The European Commission and the European Investment Bank have already pledged financial support amounting to more than €15.6 billion from existing programmes....

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April 9, 2020 | The Federal Reserve on Thursday took additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic. "Our country's highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus," said Federal Reserve Board Chair...

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April 7, 2020 • ECB adopts an unprecedented set of collateral measures to mitigate the tightening of financial conditions across the euro area • Temporary increase in the Eurosystem’s risk tolerance in order to support credit to the economy • ECB eases the conditions for the use of credit claims as collateral • ECB adopts a general reduction of collateral valuation haircuts • Waiver to accept Greek sovereign debt instruments as collateral in Eurosystem credit operations • ECB will assess further measures to temporarily mitigate...

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April 9, 2020 | 23:05 1. The COVID-19 pandemic constitutes an unprecedented challenge with very severe socio-economic consequences. We are committed to do everything necessary to meet this challenge in a spirit of solidarity. 2. A coordinated and comprehensive strategy is necessary to deal with health emergency needs, to support economic activity and to prepare the ground for the recovery. This strategy should combine short, medium and long-term initiatives, taking account of the spill overs and interlinkages between our economies and...

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A message from Kristalina Georgieva, IMF Managing Director | April 9, 2020 Introduction: A Crisis Like No Other I want to begin by wishing my personal best to everyone—for you and your families’ health and safety during these difficult times. Today we are confronted with a crisis like no other. Covid-19 has disrupted our social and economic order at lightning speed and on a scale that we have not seen in living memory. The virus is causing tragic loss of life, and the...

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April 8, 2020 Today, the European Commission and the High Representative set out plans for a robust and targeted EU response to support partner countries' efforts in tackling the coronavirus pandemic. The EU's collective action will focus on addressing the immediate health crisis and resulting humanitarian needs, strengthening partner countries' health, water and sanitation systems and their research and preparedness capacities to deal with the pandemic, as well as mitigating the socioeconomic impact. To underpin these actions, the EU will...

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April 7, 2020 The Council today adopted new rules which will make it easier for freight transport companies to provide information to authorities in digital form. Increased digitalisation of freight transport and logistics will bring significant cost savings for businesses, and make the transport sector more efficient and sustainable. A provisional agreement was reached between the presidency and the European Parliament on 26 November 2019. The agreed text was endorsed by member states’ ambassadors meeting in the Permanent Representatives Committee (Coreper) on...

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April 6, 2020 The COVID-19 pandemic has pushed the world into a recession. For 2020 it will be worse than the global financial crisis. The economic damage is mounting across all countries, tracking the sharp rise in new infections and containment measures put in place by governments. China was the first country to experience the full force of the disease, with confirmed active cases at over 60,000 by mid-February. European countries such as Italy, Spain, and France are now in acute...

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March 27, 2020 The EU and 15 other members of the WTO today decided on an arrangement that will allow them to bring appeals and solve trade disputes among them despite the current paralysis of the WTO Appellate Body. Given its strong and unwavering support for a rules-based trading system, the EU has been a leading force in the process to establish this contingency measure in the WTO. Commissioner for Trade Phil Hogan said: “Today's agreement delivers on the political commitment taken at...

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April 3, 2020 The Commission has today decided to approve requests from Member States and the UK to temporarily waive customs duties and VAT on the import of medical devices, and protective equipment, from third countries in order to help in the fight against coronavirus. This will make it easier financially to get the medical equipment that doctors, nurses and patients desperately need. The Commission has swiftly approved requests received from all Member States. This measure includes masks and protective equipment, as...

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