The Eurogroup set up the current guidelines on fighting the economic plight of COVID-19
a. The release of €540 billion corona package
b. A €25 billion European Investment Bank guarantee.
c. The deployment of the SURE (Support to mitigate Unemployment Risks in an Emergency) programme. This will provide €100 billion in total among member states
d. Precautionary financial assistance by ESM (European Stability Mechanism) in the form of Enhanced Conditions Credit Lines. The key word is: conditionality (You will be given money if you do ‘this’). Due to this being a special occasion, macroeconomic conditions are not necessary to be met. The availability of funds for each state would be as much as 2% of a member-state’s GDP. However the number “could be adjusted”.
e. Potentially a Recovery Fund
f. Unclear points on what could constitute “resources” for the management of the public health crisis
f. No Eurobonds or Coronabonds
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