The #Eurogroup has adopted its statement. It is not in crisis mode, the text is still very much normal-times lingo.
It ends on a vague commitment to do "whatever further coordinated and decisive policy action is necessary",
but the text is very timid:
consilium.europa.eu/en/press/press…
1/ Upside: Clear agreement that flexibility in the application of the fiscal rules is needed. EG also welcomes Commission's willingness to activate the general escape clause in the SGP. Same for state aid.
2/ Downside: Nothing concrete on safeguarding fiscal measures. There is a vague reference to the ESM being there and a commitment to further work on EMU deepening. The message here clearly is not "We are ready, bring it on."
3/ The rest is a lenghty statement about all the good things the Commission and the EIB and national authorities have already done and might still do. This is all nice but it is not a way to signal determination.
4/ Let's see how markets react, maybe it is the right tone not to spook anyone - but I somehow doubt that. Otherwise leaders will have to ramp up communication by a lot tomorrow.
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