European Union governments may need to provide state aid on “a much larger scale” due to the coronavirus crisis and the bloc’s executive will put in place procedures to deal with this very quickly, the EU’s antitrust chief said on Friday, March 13.
Magrethe Vestager told a news conference that the European Commission would put place a compensation scheme for the tourism, hotel and transport sectors and would enable governments to ensure that banks have adequate liquidity.
She said there were many ways that governments could help without needing state aid approval, and gave as examples, providing wage subsidies, or suspending corporate tax payments or value-added tax payments.
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