European Union leaders agreed on Thursday to establish a recovery fund to soften the economic impact of the coronavirus pandemic but failed on reaching a consensus about the form of the aid and the exact amount. German Chancellor Angela Merkel said that Europe's largest economy was ready to commit to a common package worth around €1 trillion and said any funding borrowing on the markets must be paid back. France, Italy and Spain proposed the use of grants to fund the bloc’s economy, but Netherlands and Austria want the funds to take the form of low-interest loans. French President Emmanuel Macron added real budget transfers will still be needed; while Italy’s PM Giuseppe Conte urged the recovery fund to start by the second half of the year.
Government Budget in the Euro Area averaged -2.76 percent of GDP from 1995 until 2019, reaching an all time high of -0.50 percent of GDP in 2018 and a record low of -7.30 percent of GDP in 1995. This page provides - Euro Area Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news. Euro Area Government Budget - data, historical chart, forecasts and calendar of releases - was last updated on June of 2020. source: Eurostat
Government Budget in Euro Area is expected to reach -8.40 percent of GDP by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area Government Budget is projected to trend around -4.00 percent of GDP in 2021 and -1.20 percent of GDP in 2022, according to our econometric models.