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EU announces €37 billion coronavirus investment initiative

Christian Fernsby |
The European Commission has adopted proposals to provide liquidity to the European economy as it tackles the deep crisis of the Coronavirus outbreak.

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Topics: CORONAVIRUS   

Commission President Ursula von der Leyen, in a joint press conference alongside Executive Vice Presidents Margrethe Vestager and Valdis Dombrovskis, said that the Coronavirus was “not only dangerous for our health, but it is also hitting our economies.”

“The Coronavirus pandemic is testing us all institutions, governments, health systems, economies, but most of all it is testing people. This is not only an unprecedented challenge to our healthcare systems, but it is also a major shock to our economies.”

“We have to take decisive and bold actions now, on all different levels. The shock is temporary, but we must all work together to ensure that it is as short and as limited as possible and that it does not create damage to our economies.”

Von der Leyen said that in this vein, the Commission today adopted a €37 billion Coronavirus Response Investment Initiative, designed to support the European healthcare sector, the labour market and SMEs from all affected sectors.

She said that in addition, the EU budget will deploy its existing instruments to support SMEs with liquidity, complementing the measures taken at a national level. She cited the example of the European Invest Fund, which will guarantee €8 billion in loans for 100,000 SMEs and small mid-caps. “The measures announced today deal with the situation of today. This is an important economic package, but we have to acknowledge that the situation is evolving very fast. We stand ready to do more as the situation evolves. We will do whatever is necessary to support Europeans and the European economy."


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