Coronavirus Response: Launch of dialogue with financial sector representatives to support citizens and businesses

The European Commission has today launched its first roundtable meeting with the European financial sector, including consumer and business representatives, to explore how it can develop best practices to support EU citizens and businesses. As announced in the Commission’s Banking Package on 28 April 2020, this meeting marks the beginning of a dialogue with the European financial sector to see what practical relief measures can be put in place to alleviate the impact of the coronavirus crisis. A wide selection of representatives have been invited to the meeting, including consumer and business associations, banking, insurance and non-bank lending associations, and European Supervisory Authorities. The Commission will chair the meeting. Valdis Dombrovskis,Executive Vice-President for an Economy that Works for People, said:“Households and businesses need all the help they can get to deal with the disruption caused by the coronavirus crisis. That is why we are launching a dialogue today, bringing the financial sector together with groups representing consumers and businesses. Through these dialogues, we want to find practical solutions to the concrete problems that companies and households are experiencing across the EU right now. We need to make sure that the liquidity taps are turned on and that consumers and companies and especially smaller businesses can get the support they need. I look forward to these discussions.”  The main goal of these discussions is to explore how industry (banking, insurance and non-bank lending associations) can support citizens and businesses throughout the pandemic. This response must be coordinated in order to avoid national fragmentation and to ensure a level playing field. Participants will also take stock of the relief measures that industry has already implemented or is planning. Consumer and business associations will give feedback on the effectiveness of existing measures, as well as on additional actions and their consistency across the EU. Didier Reynders, Commissioner for Justice, will also participate and share insights on consumer loans. For more information, see here.