Coronavirus Response: The European Commission welcomes “Best Practices” to provide relief for consumers and businesses

On 14 July 2020, the European Commission has welcomed a list of ‘best practices’ agreed by the financial sector, and consumer and business organisations, to help further mitigate the impact of the coronavirus pandemic. It sets out concretely how different market participants can support citizens and businesses throughout the crisis.

The best practices cover several issues, including:

• Payment moratoria: these measures can help those facing financial difficulties by deferring payments;
• Enabling safer cashless payments while ensuring cash payments remain available for those who need them;
• Ensuring loans aimed at mitigating the impact of coronavirus are provided swiftly, and that the fees and interest rates incurred are fair.