Recital 1

(1)The COVID-19 pandemic is severely affecting people, companies, healthcare systems and the economies of Member States. In its Communication of 27 May 2020 entitled ‘Europe’s moment: Repair and Prepare for the Next Generation’, the Commission stressed that liquidity and access to finance will be a continued challenge. It is therefore crucial to support the recovery from the severe economic shock caused by the COVID-19 pandemic by introducing targeted amendments to existing Union financial services law. Those amendments form a package of measures and are adopted under the label ‘Capital Markets Recovery Package’.