Minister for Finance and Financial Services Edward Scicluna, together with the Finance Ministers of the European Union, participated in a video conference on the 15th of May 2020 to continue discussing the economic response to the Covid-19 crisis.

Finance Ministers debated outstanding elements regarding the European Investment Bank’s pan-European Guarantee Fund, and shared views on the priorities for the EU’s economic recovery plan. The European Commission also briefed ministers on the second amendment adopted on the 8th of May 2020 to extend the scope of the state aid temporary framework.

Minister Scicluna said, “Member states have implemented a number of measures in order to lessen the effect of the pandemic. Despite these difficulties, member states have sent the National Reform Programmes and Stability/Convergence Programmes, but given the way the situation is evolving, we already need to update those plans and introduce a recovery budget.” The Minister also underlined the need to identify where the efforts should be focused on, as well as the need to boost confidence and coordination at the EU level.

During the meeting, Finance Ministers also held an exchange of views on the economic outlook of the euro area with the Chair of the European Parliament’s Economic and Monetary Affairs Committee (ECON) Irene Tinagli.