Recital 1

(1)The COVID-19 crisis is severely affecting people, companies, health 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 continue to be a challenge in the months to come. 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 pieces of financial legislation.