European solidarity essential to overcome the crisis

- European business responds on European Council commitment -

Following the European Council video-conference yesterday, BusinessEurope's President Pierre Gattaz made the following comments:

"The commitment made at yesterday's European Council to do whatever it takes to address the significant crisis we are facing through a co-ordinated EU response is welcomed by the European business community. Member states across the EU are already taking important action, particularly to maintain companies' cash flow, and it is clear that this will be supported at EU level by a range of essential actions: drawing on the full flexibility of  the Stability and Growth Pact, special measures to release EU funds, and co-ordinated ECB, EIB, Commission and member state action to maintain financial stability.

Ensuring that all businesses with viable business models survive this crisis will undoubtedly require further measures in the weeks and months ahead. BusinessEurope and our member federations will continue to work closely with governments and the EU institutions to deliver whatever measures are needed.

Europe will only meet the challenge of COVID-19 with our vital business eco-system intact and ready to drive the recovery and this will require that we act in a spirit of solidarity. 

Businesses across Europe are already showing their solidarity through exceptional actions, such as re-orientating production and sharing expertise, to deliver the medical and protective equipment so urgently needed. It is in all our interests that this solidarity functions between all sizes of businesses, between business and governments and between member states. Above all, we must maintain the cross-European supply chains and preserve the European single market. Both are vital to delivering the goods we depend upon in the coming weeks. And we must not forget that trade and investment flows with the rest of the world are equally critical to maintain economic resilience and avoid supply shortages in Europe."

BusinessEurope published a statement setting out the immediate measures we believe need to be put in place on 16 March. We plan to update this statement as the situation develops.