Mr. Paolo Gentiloni:

Yes indeed. Ahead of this crisis, we were able to avoid the mistakes that were made ten years ago. Of course, it is always inappropriate to compare two crises that are so different. To put it simply, the reaction to the financial crisis was not as fast or co-ordinated among European member states. At a certain point, "mission accomplished" was declared but it was too soon. That mistake started a new recession and a new wave of the banking crisis. In response to the current crisis, the reaction was fast. Strong decisions were taken between 15 and 17 March 2020. The ECB decided on the extraordinary purchase programme and the Commission decided on the general escape clause and the temporary state aid framework. Those decisions made it possible for member states to spend, react and support workers without risk from financial and state aid points of view. The decisions were made fast. There were also the unprecedented decisions on the support to mitigate unemployment risk in an emergency, SURE, mechanism and the Next Generation EU and, now, a common consensus for a gradual path towards the future.

Here, the Commission and the president of the Eurogroup are working together to steer this process in a gradual way because, of course, supports should now become more targeted and selective - one cannot support everything for a long time - but, again, without tightening too soon and too abruptly and making these types of mistakes.