Euro Zone Ministers Pledge To Extend Fiscal Support Through 2022

• Eurozone finance ministers promised on Monday to extend public support for the economy through 2021 and 2022 to help the common currency area emerge from the coronavirus crisis, saying they would deal with rising debt only once recovery is on track.
• The ministers, known as the Eurogroup, also said the public support, so far worth 8% of eurozone gross domestic product in national fiscal measures and 19% of GDP in liquidity measures, or more than 3 trillion euros ($3.58 trillion) in total, would be maintained as long as there is an acute health crisis.
• "The Eurogroup is committed to a supportive stance in the euro area in 2021 and in 2022, also taking into account the fiscal stimulus stemming from the RRF (Recovery and Resilience Facility)," the ministers said in a statement, as had been reported by Reuters on Friday.
• The RRF totals 672.5 billion euros in loans and grants, to be borrowed jointly by the EU, on top of the national fiscal and liquidity measures so that EU countries hard hit by the pandemic and with already high debt can finance reforms and investments to make economies greener and more digitalized.

(Source: Reuters)