About: http://data.cimple.eu/news-article/462dc10b5c321d273d290e89c8e2431175867329b8e522253a894b3d

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An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Eurozone finance ministers on Monday said they would not tighten spending given the continuing pandemic in Europe, but warned that soaring debt levels would have to be eventually fixed. Meeting by videoconference, the 19 ministers from countries that use the single currency agreed that pulling back on the spending too soon could have very negative consequences and potentially stifle a recovery. "I think it would be a big mistake if ... the beginning of the upswing, which we hope will start after the corona pandemic, was interrupted..." said German Finance Minister Olaf Scholz ahead of the meeting. Europe, like much of the globe, has suffered a historic recession due to the pandemic, and is struggling in its vaccination campaign that is seen as the surest way to get the economy back on track. Given the setback, as well as a wave of limited lockdowns across the continent, the Eurogroup ministers said they "will continue to protect our economy" with the "necessary level of fiscal support." "For the time being, and as long as the acute health emergency prevails, broad fiscal measures remain necessary to protect citizens and companies," they said in a statement. The decision by ministers to keep spending is a marked contrast from the eurozone debt crisis, when powerful Germany insisted on balanced budget policies amongst its eurozone partners in the heart of the crisis. This time Germany has changed its philosophy and pushed a EU recovery plan in July worth 750 billion euros that is jointly financed by the 27 member states. Ministers on Monday however signalled that the road to sound finances would be found again once the recovery had taken hold. "Once the recovery is firmly under way, euro area member states should address the increased public debt levels", the statement said. The ministers also said they took note of a recommendation by the EU executive to suspend rules on overspending until the end of 2022. This has allowed countries to open the money taps to rescue their economies and help companies survive the pandemic and not risk sanctions by Brussels. arp/rl
schema:headline	Eurozone to forgo budget belt-tightening for now
schema:mentions	Videotelephony Big Mistake Eurozone Government budget balance Philosophy Finance minister Government debt Olaf Scholz Recession Brussels Corona Germany Vaccination European Union Pandemic Eurogroup European debt crisis Air Raid Precautions in the United Kingdom
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-03-15 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	77 (xsd:integer)
http://data.cimple...tology#hasEmotion	anger

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