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MNI BRIEF: Fiscal Support Balance Key to Stability - ESRB

EMBARGOED 1600 CET!!!!!

Keeping Covid-19 support measures in place for too long will increase EU member states' budgetary pressures and delay necessary structural change, according to the European Systemic Risk Board (ESRB) first assessment of the financial stability implications of crisis-related fiscal responses across 31 countries.

The ESRB echoed ECB president Christine Lagarde's calls for temporary, targeted fiscal measures focusing on the most affected sectors of the economy in the report published Tuesday, and warned that too quick a withdrawal of fiscal support measures raises the risk spillover effects and financial instability.

National macroprudential authorities reported fiscal support packages of around 14% of member countries' combined GDP (more than EUR 2,400 billion) to the ESRB, with around 5% of banks' total loans subject to moratoria through September 2020.

MNI London Bureau | +44 20 3983 7894 | luke.heighton@marketnews.com
Policy NewsCentral Bank NewsBriefStoryCEEMEAEurozonePolicy StoryEuropean Central BankRegion
MNI London Bureau | +44 20 3983 7894 | luke.heighton@marketnews.com
Policy NewsCentral Bank NewsBriefStoryCEEMEAEurozonePolicy StoryEuropean Central BankRegion

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