BRUSSELS (Reuters). Despite the fact that euro-zone companies have survived the COVID-19 pandemic two years better than they expected, with fewer insolvencies then feared and more financial ministers from the Euro Zone likely to close on Monday, according to a senior official of the eurozone.

Official who requested anonymity said that the positive outcome was a testimony to the effectiveness (2.3 trillion Euros, $2.64 trillion) national liquidity support measures used to prevent companies collapsing in the face of repeated government-imposed pandemic lockdowns.

According to the official who was involved in the organization of the euro area finance ministers’ monthly meeting, “There were concerns about a wave insolvencies.”

Governments introduced subsidies for part-time jobs to avoid mass layoffs. Also, guaranteed loans were taken from banks by the companies to help them prevent bankruptcy.

According to an official, “At the moment… corporate bankruptcy rates remain surprising low in comparison with the severity of crisis and the historical mean.”

However, he cautioned that those in policymaking positions within the countries which share the euro must keep their support for viable companies. Many ended the pandemic by taking on more debt than they should and it is not known how much time they will need to be able to continue providing emergency assistance.

According to the official, “The situation is not identical in all countries or sectors.”

($1 = 0.8723 euros)