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Covid-19: No new supports to cope with the second wave

Eurozone finance ministers said Tuesday (November 3) that Europe is better protected to overcome the health crisis and ruled out any common measures to counter the second wave of the virus.

The Eurogroup took stock of the current pandemic and its economic consequences during a meeting with Andrea Ammon, Director of the European Centre for Disease Prevention and Control. The Eurogroup issued a statement stressing that it was vital for member states to maintain their support measures until next year and to ensure adaptability to changing circumstances.

However, the group did not discuss further action at the European level should the situation worsen. So far, the actions approved by European nations amount to 3.5 trillion euros and take the form of fiscal support, liquidity assistance and guarantees. In addition, the bloc has agreed to take liquidity injection measures, amounting to 540 billion euros, for companies (through the European Investment Bank), Eurozone governments (through the European Stability Mechanism) and workers (through the European Commission’s SURE program).


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