April 30, 2020 | • Interest rate on all targeted longer-term refinancing operations (TLTRO III) reduced by 25 basis points to -0.5% from June 2020 to June 2021 • For banks meeting the lending threshold of 0% introduced on 12 March 2020, the interest rate can be as low as -1% • Start of the lending assessment period brought forward to 1 March 2020 The Governing Council of the European Central Bank (ECB) today decided on a number of modifications to the terms...

Read more

April 30, 2020 | At today’s meeting the Governing Council of the ECB took the following monetary policy decisions: (1) The conditions on the targeted longer-term refinancing operations (TLTRO III) have been further eased. Specifically, the Governing Council decided to reduce the interest rate on TLTRO III operations during the period from June 2020 to June 2021 to 50 basis points below the average interest rate on the Eurosystem’s main refinancing operations prevailing over the same period. Moreover, for counterparties whose...

Read more

April 14, 2020 Introduction and key messages The increasing spread of the coronavirus across countries has prompted many governments to introduce unprecedented measures to contain the epidemic. These are priority measures that are imposed by a sanitary situation, which leave little room for other options as health should remain the primary concern. These measures have led to many businesses being shut down temporarily, widespread restrictions on travel and mobility, financial market turmoil, an erosion of confidence and heighted uncertainty. In a...

Read more

April 28, 2020 | The Commission has today adopted a banking package to help facilitate bank lending to households and businesses throughout the European Union. The aim of this package is to ensure that banks can continue to lend money to support the economy and help mitigate the significant economic impact of the Coronavirus. It includes an Interpretative Communication on the EU's accounting and prudential frameworks, as well as targeted “quick fix” amendments to EU banking rules. The rules put in...

Read more

April 24, 2020 | The European Union is joining forces with global partners to kick-start a pledging effort – the Coronavirus Global Response – starting on 4 May 2020. The World Health Organization (WHO) and global health organisations have launched a joint call for action to develop fast and equitable access to safe, quality, effective and affordable diagnostics, therapeutics and vaccines against coronavirus. To raise funds in support of this endeavour, the European Union and its partners will organise a worldwide pledging marathon. Countries...

Read more

Main results On 23 April 2020 EU leaders discussed progress on the various dimensions of the European response to the COVID-19 outbreak. It was the fourth video meeting of this kind. • Conclusions by President Charles Michel after the video conference with members of the European Council on 23 April 2020 Lifting COVID-19 containment measures Leaders welcomed a European roadmap towards lifting COVID-19 containment measures, presented by Presidents Michel and von der Leyen on 15 April. "We all agreed that the health and safety of...

Read more

"On April 20, 2020, the Secretary of the Treasury and U.S. Customs and Border Protection (CBP) will be postponing for 90 calendar days the deadline for payment for the deposit of certain estimated duties, taxes, and fees for importers experiencing a significant financial hardship due to the coronavirus disease (COVID-19). This temporary postponement applies to formal entries of merchandise entered, or withdrawn from warehouse, for consumption (including entries for consumption from a Foreign Trade Zone) in March 2020 or...

Read more

April 22, 2020 | • ECB to grandfather until September 2021 eligibility of marketable assets used as collateral in Eurosystem credit operations falling below current minimum credit quality requirements • Appropriate haircuts will apply for assets that fall below the Eurosystem minimum credit quality requirements • Decision reinforces broader package of collateral easing measures adopted by the Governing Council on 7 April 2020, which will also remain in place until September 2021 • ECB may decide further measures, if needed, to continue ensuring...

Read more