In this regard, the Bank's approach is sufficiently flexible to respond to changes in the situation, allowing it to tackle this important challenge as promptly as possible. The Bank presented specific conditions for the fund-provisioning in the preliminary outline. The interest rate of 0 percent will be applied and the implementation period will last until the end of fiscal 2030.
Economic reform needs to be substantially stepped up in euro area countries to increase resilience, reduce unemployment in a lasting way and boost productivity. On the fiscal side, Member States often fail to make sufficient use of economic upswings to build fiscal buffers. This leaves those with fragile fiscal positions ill-prepared to face economic downturns.