On Friday 8 May, the Finance Ministers of the euro area finalised the terms and conditions for activating the European Stability Mechanism (ESM) credit line that a euro-area country will be able to activate up to 2% of its national GDP (reference end 2019) in order to contribute to the health expenditure incurred to combat the Covid-19 pandemic.
We are on track to meet the “1 June” deadline for putting in place the three safety nets for states (ESM credit line of €240 billion),...