The finance ministers, in an enlarged setting of the Eurogroup, agreed on a support package that goes up to €540bn to mitigate effects related to the extraordinary COVID-19 crisis and set out notion of a -much needed- European recovery plan.
The plan consists of:
- up to €240bn for health-related public finances through the European Stability Mechanisms (ESM);
- up to €200bn in guaranteed loans for businesses via the European Investment Bank (EIB);
- up to €100bn for temporary Support mitigating Unemployment Risks (SURE) in the form of loans from the Union to affected Member States.
Ceemet welcomes that finally the European Union sends this clear signal of responsible action to Member States, citizens, workers and business. It is now for the heads of states and governments to validate the proposal.
After the approval of the package by the European heads of state and government, a closer look is needed at how a coordinated and well-targeted European recovery plan can be swiftly devised.
Industry needs the support
With industry being the backbone of Europe, Ceemet and its members are prepared to contribute to develop a European recovery plan. This plan should focus on an strengthening an internationally competitive industry in Europe. As elaborated in the ‘10 Point Plan for a competitive industry sustaining social Europe’, it is a precondition for sustaining social Europe.
In the particular context of COVID-19 pandemic, Ceemet and its members have collected information on the measures taken by European Institutions, national governments and are providing advice to employers.
That information is publicly available on: ceemet.org/page/covid-19