EU executive moves to formalize suspension of EU budget rules
BRUSSELS (Reuters) - The European Union executive moved to formalize an agreement reached by EU finance ministers on March 5 to suspend EU budget rules that put limits on borrowing so that governments have a free hand in fighting the coronavirus.
The European Commission, the guardian of EU rules, proposed late on Friday to activate the ‘general escape clause’ in the rules to respond to the pandemic that has caused lockdowns in most EU countries and the closure of Europe’s borders.