At the Eurogroup videoconference of 9 April 2020, the euro area finance ministers endorsed a series of proposals in the context of a comprehensive and coordinated response to the socioeconomic fallout of the COVID-19 pandemic. These proposals were in turn endorsed by the members of the European Council informally meeting via video conference on 23 April 2020. The three important safety nets for workers, businesses and sovereigns are worth up to EUR 540 billion in total and are based on pooled financial resources and mutual solidarity. An overview of these proposals and the measures already taken so far at the level of the Member States, the EU and the euro area is available in the Euro Group report of 9 April 2020. Work is underway to operationalise these proposals in the coming weeks, in line with the conclusions of the President of the European Council following the abovementioned video conference on 23 April 2020.
The Euro Group report contains a chapter concerning the work on a Recovery Fund to prepare and support the recovery, provide funding from the EU budget for programmes designed to kick-start the economy in line with European priorities and ensure solidarity with the most affected Member States. The fund should help spread the extraordinary costs of the current crisis over time, based on appropriate financing. The President of the European Council confirmed on 23 April 2020 that this fund would be of a sufficient magnitude and targeted towards the sectors and geographical parts of Europe most affected. The Commission has been asked to analyse the exact needs and to urgently come up with a proposal that is commensurate with the present challenge and that clarifies the link with the MFF.
-  Available online at: https://www.consilium.europa.eu/nl/press/press-releases/2020/04/09/report-on-the-comprehensive-economic-policy-response-to-the-covid-19-pandemic/#
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