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EU members should keep budgets ‘reactive’ over Ukraine crisis

by Mike Robinson

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© Reuters. FILE PHOTO: French Financial system and Finance Minister Bruno Le Maire arrives for a gathering on the Elysee Palace in Paris, France, March 9, 2022. REUTERS/Sarah Meyssonnier

PARIS (Reuters) – EU governments have to preserve their fiscal stances “reactive” within the face of the present Ukraine disaster with targetted measures for households and companies, French Finance Minister Bruno Le Maire.

Le Maire, who on Tuesday will preside over a gathering with different EU finance ministers in Brussels, mentioned the time had come for a joint “targetted, quick and momentary” financial response to the results of the Ukraine disaster.

The suspension of the EU fiscal rulebook until the top of the yr brought on by the COVID disaster gave all the flexibleness wanted to finance emergency assist for households and for corporations depending on fuel or uncovered to the Russian market, he mentioned.

“We have to preserve fiscal coverage reactive,” Le Maire advised journalists.

He added that sanctions imposed on Russia over its invasion of Ukraine had been efficient and would set off an 8% hunch within the Russian economic system.

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