Eurogroup agrees on need to maintain supportive budgetary stance, examines impact of pandemic on euro area economic sectors
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date: 25/03/2021
Referring to the Commission communication "One year since the outbreak of COVID-19: fiscal policy response", ministers agreed on the need to maintain a supportive budgetary stance in 2021 and in 2022, which will pave the way for recovery, and adopted a statement to that effect. The Eurogroup also reviewed the impact of the pandemic on various sectors of the euro area economy and the possible structural changes it may have triggered. The discussion was based on an analysis by the Commission which showed how different sectors have been unevenly affected and hence their growth prospects may differ. In addition, the Eurogroup discussed the ninth enhanced surveillance report on Greece, which was not linked to any decision on policy-contingent debt measures. To prepare for spring meetings of the World Bank Group and the International Monetary Fund, ministers also reviewed exchange rate developments over the past several months. Lastly, meeting in inclusive format, EU finance ministers exchanged views on the international role of the euro in preparation for the Euro Summit of 26 March 2021.