The European Commission’s response to face the economic impact of COVID-19

March 16, 2020

Hat: The European Commission's response to face the economic impact of COVID-19

Funding Scheme: 2020-03-16

Pgm2014 2020: Yes

Isfondstruct: Yes

Amorce:

The Commission anounced on the 13th March its will to use all the instruments at its disposal to mitigate the socio-economic impact COVID-19 outbreak, centred on a European coordinated response.

Text:

Among these measures, the Commission decided that: 

  • In the coming weeks,1 billion euro will be redirected from the EU budget as a guarantee to the European Investment Fund to incentivise banks to provide liquidity to SMEs and midcaps;
  • The Coronavirus Response Investment Initiative will facilitate the deployment of the European Social Fund;
  • The European Globalisation Adjustment Fund could also be mobilised to support dismissed workers and those self-employed under the conditions of the current and future Regulation. Up to EUR 179 million is available in 2020;
  • To relinquish this year its obligation to request Member States to refund unspent pre-financing for the structural funds. This amounts to about EUR 8 billion from the EU budget, which Member States will be able to use to supplement EUR 29 billion of structural funding across the EU;
  • To extend the scope of the EU Solidarity Fund by also including a public health crisis within its scope, in view of mobilising it if needed for the hardest hit Member States. Up to EUR 800 million is available in 2020. 
 

Url description: European Commission - Press corner

Url: https://ec.europa.eu/commission/presscorner/detail/fr/ip_20_459