Economic and Financial Affairs
Stability and Growth Pact obligations suspended
03-25-2020 - Réka Zsuzsánna Máthé
The EU has taken unprecedented measures to counter the disastrous effects on the economy of the COVID-19 pandemic. On Monday, the 23rd of March, Finance Ministers have agreed to the proposal of the Commission to relax Member States’ budgetary requirements that would normally apply under the Stability and Growth Pact. This measure highlights the fundamental challenges that the Economic and Monetary Union (EMU) has been facing for the past decades and, therefore, the fragility of the eurozone.