During the video conference between Council President Michel, Commission President von der Leyen, the European Central Bank, and the Eurogroup, the Presidents took stock of the socio-economic fallout of the COVID-19 crisis and discussed the next steps. These next steps should include a coordinated exit strategy, a comprehensive recovery plan, and unprecedented investments. Whilst Council and Commission will continue working on the recovery plan, in consultation with the ECB, the Eurogroup has been tasked to present proposals within two weeks. (Source: Council)
The European Commission has also announced a temporary instrument worth €100 billion to help Member States protect jobs and workers affected by the coronavirus pandemic. The instrument entitled “Support to Mitigate Unemployment Risk in an Emergency” (SURE) will enable funds to flow into national programmes to support companies that are forced to reduce working hours, and to compensate employees whose salaries have been lowered, thereby helping to keep struggling companies afloat and protect jobs. The instrument needs to be approved by the Council, however Member States do not all seem to embrace the proposal. (Source: Politico)