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Coronavirus in Europe

Discover what you need to know from ICAEW in Europe.


ESMA promotes coordinated action regarding benchmarks external audit requirements

ESMA 09-04-2020

Public statement from the European Securities and Markets Authority (ESMA) commenting on the timeliness of fulfilling the external audit requirements for interest rate benchmark administrators and contributors. ESMA expects National Competent Authorities (NCAs) not to prioritise supervisory actions against administrators and supervised contributors relating to the timeliness of fulfilling those audit requirements where the audits are carried out by 30 September 2020.

ESMA updates its risk assessment in light of the COVID-19 pandemic

ESMA 02-04-2020

The European Securities and Markets Authority's (ESMA) updated risk dashboard shows large equity market corrections since mid-February 2020, with corporate bond, government bond markets and a number of investment funds also under stress. Market infrastructures have however continued to function normally despite significant surges in trading activity, the use of circuit breakers and increases in derivatives margins.

Coronavirus: Commission Statement on consulting Member States on the proposal to extend State aid Temporary Framework

European Commission 27-03-2020

The European Commission has proposed to extend the State Aid Temporary Framework to cover five additional types of aid supporting coronavirus-related research and development; construction and upgrading of testing facilities; production of products relevant to tackle to coronavirus outbreak; deferral of tax payments and/or suspensions of employers' social security contributions; and wage subsidies for employees. It has also temporarily removed all countries from the list of 'marketable risk' countries under the Short-term export-credit Communication.

Information hubs

European Central Bank

The European Central Bank (ECB) is committed to supporting every citizen of the euro area. A temporary pandemic emergency purchase programme (PEPP) has been designed to counter the serious risks posed by coronavirus (COVID-19).

European Centre for Disease Prevention and Control

The European Centre for Disease Prevention and Control (ECDC) is closely monitoring the coronavirus (COVID-19) outbreak, providing risk assessments, public health guidance, and advice on response activities.

European Commission's COVID-19 page

The European Commission's response to the COVID-19 outbreak includes reinforcing public health sectors, mitigating socio-economic impact and providing objective information to contain the virus.

European Securities and Markets Authority (ESMA)

The European Securities and Markets Authority (ESMA) works to safeguard the stability of the European Union's financial system, currently facing the threat of COVID-19. Their mission is to enhance investor protection and promote a stable and orderly financial market.

Global Guide: Measures adopted to support distressed businesses through the COVID-19 crisis

Guide to the government assistance packages from 38 countries by INSOL International, the international association of restructuring, insolvency and bankruptcy professionals. The individual country guides present a clearly presented overview of the policy responses, legislative reforms, financial sector measures implemented by regulators and measures introduced to deal with increased insolvency cases.

IFAC: COVID-19 Resources from IFAC's Network

Collection of resources from IFAC professional accountancy organisations on audit, financial reporting, business continuity and crisis management, and professional and personal wellness during the coronavirus pandemic.

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