The ministers stressed that "premature withdrawal of fiscal support should be avoided," according to a statement released by the Eurogroup following a regular video conference.
They said the progress in the development of efficient vaccines and a high vaccination rate are crucial for overcoming the pandemic.
"This will allow a greater opening up of our economies and a resumption of growth. Nevertheless, the outlook remains clouded by uncertainty and the recovery is expected to be uneven across countries, regions and sectors," the statement read.
The ministers insisted that fiscal policy should remain agile and effectively adjust as the health and economic situation evolves. "Once the health situation improves and restrictions ease, fiscal measures should gradually shift towards more targeted actions to promote a resilient and sustainable recovery."
Moreover, the Eurogroup warned that member states should address the increased public debt levels by implementing sustainable medium-term fiscal strategies once the recovery is firmly underway.
"The best way to secure public debt sustainability is to support the recovery and thereby reduce the risk of scarring and economic divergence," European Commissioner for Economy Paolo Gentiloni told a press conference.
