The PA has provided guidance covering accounting matters and imposed a limit to the payment of dividends and bonuses by banks and insurers to ensure the conservation of capital and retained capacity in an environment of heightened uncertainty caused by COVID-19.
As the Spanish economy minister recently told the Financial Times, “for Spain, the main help we can receive from Germany in these times is that the rhythm of their exports continues.” Ultimately, then, neither the other euro-area countries nor the euro area as a whole would benefit if Germany were to artificially weaken its own competitiveness.