(Bloomberg) --
Relaxed European Union state-aid rules that paved the way for governments to pledge $3.4 trillion to support the bloc's pandemic-struck economy have been extended until mid-2022.
The EU is looking for “a progressive and coordinated phase-out of crisis measures without creating cliff-edge effects,” Competition Commissioner Margrethe Vestager said in a statement on Thursday.
The current rules were previously due to expire at the end of the year.
Regulators are also introducing two measures to help to trigger “forward-looking private investment” and solvency support for an additional time.
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