Members of the Eurogroup have agreed to continue with a supportive budgetary stance through the rest of this year and into 2022.

The group said this would help ensure a smoother path to recovery.

"We are united in our approach that until the health crisis is over and recovery is firmly underway, we will continue to protect our economy through the deployment of the necessary level of fiscal support," the 19 members said in a joint statement following today's meeting.

It was chaired by Eurogroup President, Paschal Donohoe, who said he welcomed the agreement.

"Beyond sharing a currency, euro area economies share strengths and dependencies, and a determination to act together in times of difficulty," he said.

"Our actions so far have cushioned the impact of COVID-19. With the rollout of vaccines, we have light at the end of the tunnel but uncertainty levels remain elevated and our policy response needs to remain supportive and agile. 

"Today's agreement demonstrates that we remain united in our approach and will continue to support European jobs, businesses and citizens in this acute phase of the health crisis’.

Made possible by a temporary relaxation of the fiscal rules Eurogroup nations last year provided supports estimated at 8% of euro area GDP, on top of liquidity schemes of 19% of euro area GDP.

Here supports have included the Employment Wage Subsidy Scheme, the Covid Restriction Support Scheme and the Pandemic Unemployment Payment.

Eurogroup finance ministers have also committed to measures which "should be adapted to the pace and strength of the recovery in each Member State and underpinned by a continuing commitment to fiscal sustainability". 

The group also said it has planned for a "gradual shift towards more targeted actions to promote a resilient and sustainable recovery" for sectors most in need.