March 6, 2020 / 2:28 PM / a month ago

EU eyes moves on state subsidy rules to support virus-hit economy

BRUSSELS, March 6 (Reuters) - European Union officials are considering temporary suspensions of rules on state subsidies and EU loans to economic sectors hit hardest by the coronavirus outbreak, an official said on Friday.

“It could be that in some areas there is need for support that may require considerations on state aid rules,” the EU official said, adding that the discussions were at a very preliminary stage.

After the 2008 global financial crisis, the EU temporarily suspended parts of state aid framework to allow states to bail out banks.

The official also said the European Investment Bank could offer further funding to sectors in need of immediate help. These measures would complement national support schemes and could be discussed at a meeting of euro zone finance ministers on March 16. (Reporting by Francesco Guarascio @fraguarascio; editing by John Stonestreet)

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