EBF letter calls for European measures to face COVID-19 outbreak

The European Banking Federation appeals for the leadership of European institutions to take swift action to mitigate the economic effects of the coronavirus.

EBF banks ask regulators and supervisors for assistance to be able to work constructively with borrowers and other customers in affected communities, which will require flexibility to stem the regulatory-enforced barriers to finance borrowers in temporary struggle.

The European banking system is fully committed to sustaining its support of the European economy during times of economic plight, helping citizens and businesses endure adverse situations without major disruption to their financing needs. To be truly effective, this endeavour will require close and intense coordination between public authorities and banks. In the opinion of the EBF, it is the joint responsibility of European authorities, regulators, supervisors and banks, to quickly adopt a series of measures needed to neutralize the effects of the COVID-19 on the economy.

EBF has published a list of proposed short and long term actions, which are available for reading in EBF’s letter published on 11 March.