European Commission warns against premature withdrawal of fiscal support


EU Commissioner for Economy Paolo Gentiloni (right) and EU Commissioner for an Economy that Works for the People Valdis Dombrovskis attend a news conference on fiscal policy response to the coronavirus disease (COVID-19) pandemic, in Brussels, Belgium, March 3, 2021. [Photo/Agencies]

BRUSSELS - The European Commission on Wednesday updated its fiscal policy guidance to the European Union member states, warning against a premature withdrawal of fiscal support, which it said should be maintained this year and next.

The guidance provides that once health risks diminish, fiscal measures should gradually pivot to more targeted and forward-looking measures that promote a resilient and sustainable recovery and that fiscal policies should take into account the impact of the Recovery and Resilience Facility (RRF).

European Commission Executive Vice-President Valdis Dombrovskis told a press conference on Wednesday that "While the months ahead will still be difficult, there are now grounds for cautious optimism."

"Growth should resume in spring and gather momentum in the second half of the year as vaccination campaigns advance, pressure on health systems subsides and containment measures ease," added Dombrovskis.

Dombrovskis also urged member states to make the most of the RRF, insisting that "timely, temporary and targeted measures" will allow a smooth return to sustainable budgets in the medium-term.

Expenditure financed by grants from the RRF will provide a substantial boost to the economy in the coming years, without increasing national deficits and debt, according to a Commission press release.

The facility will provide 312.5 billion euros in grants and up to 360 billion euros in loans, with these funds oriented towards the economies worst affected by the economic fallout of the pandemic.

布鲁塞尔——欧盟委员会(European Commission)周三更新了对欧盟成员国的财政政策指导,警告不要过早撤回财政支持,并表示今年和明年应保持财政支持。

该指南规定,一旦健康风险减少,财政措施应逐步转向更有针对性和前瞻性的措施,以促进有复原力和可持续的复苏,财政政策应考虑到恢复和复原融资机制的影响(RRF)。

欧盟委员会执行副主席瓦尔季斯·东布罗夫斯基斯在周三的新闻发布会上表示,“尽管未来几个月仍然困难重重,但现在有理由保持谨慎乐观。”Dombrovskis补充说:“随着疫苗接种运动的推进,卫生系统的压力减轻,遏制措施放松,经济增长应在春季恢复,并在下半年形成势头。”


东布罗夫斯基斯还敦促成员国充分利用RRF,坚持认为“及时、临时和有针对性的措施”将使中期预算顺利恢复可持续。

根据欧盟委员会的一份新闻稿,由RRF赠款资助的支出将在未来几年大幅提振经济,而不会增加国家赤字和债务。

该基金将提供3125亿欧元赠款和3600亿欧元贷款,这些资金将用于受艾滋病经济影响最严重的经济体。


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