BRUSSELS – The European Union's executive arm on Friday proposed easing the bloc's budget policies so member countries can spend what they need to address the coronavirus pandemic without being subject to deficit limits and other fiscal requirements.
If approved by the leaders of the 27 nations, the move would be the first time the EU activated an escape clause that allows for “a coordinated and orderly temporary deviation" from normal requirements “in a situation of generalized crisis caused by a severe economic downturn," the European Commission said. “Last week, I said we would do whatever is necessary to support the Europeans and the European economy.