Date: 14th July 2020
Author: European Commission

European Commission Press Release - This document reflects the outcome of the high level dialogue between all participants of two round-tables on best practices organised in May and June 2020 by the European Commission in light of the COVID19 crisis. All participants agree to continue the dialogue on the COVID19 crisis and its impacts in the coming months.

The economic shock caused by the COVID-19 pandemic and the exceptional containment measures are having a far-reaching impact on businesses and consumers. Most businesses are facing disruption in supply chains, temporary closures and reduced demand, while many households are confronted with unemployment and a fall in income resulting in many cases in difficulties for the repayment of loans.

To help address these challenges, Member States as well as banks, non-bank lenders and insurers have implemented a broad range of relief measures, in particular temporary moratoria on credit payments, deferrals on the payment of insurance premiums, and special credit lines for SMEs. At the same time, providers of financial services, including intermediaries, have sustained the services which they provide to the public. The overarching aim of these measures is to ensure that customers are adequately supported during the current pandemic. The European Commission acknowledges and welcomes these efforts, which show the engagement of both public and private institutions in supporting consumers and businesses to navigate through the financial aspects of this crisis.