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EU must act urgently on fiscal measures, #ECB says

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The European Union must urgently decide on a package of fiscal measures to help the bloc through its pandemic-induced economic crisis, European Central Bank board member Fabio Panetta told French newspaper Le Monde, writes Balazs Koranyi. 

“It is extremely urgent and the aim should be to deploy it as soon as possible, no later than early 2021,” Panetta was quoted on Tuesday as saying. “The longer we wait, the costlier it will be to intervene.”

The EU proposed a €750 billion package last month, including €500bn in grants, but resistance from a handful of fiscally conservative nations has threatened to delay the deal and no agreement in June is now expected.

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