EC with a € 100 Billion Solidarity Plan
A massive € 100 billion solidarity plan has been announced by the European Commission in response to the pandemic. This tool will help workers retain their earnings and help businesses survive in an unprecedented crisis.
The European Commission also proposes to redirect all available Structural Funds to action in response to the spread of the coronavirus. Farmers and fishermen, as well as those in need, will also receive support.
All these measures are based on the current budget and will be used for any free euro.
Member states will have to commit to providing guarantees for up to 25% of the maximum overall loans, which the Commission says can be up to €100bn.
Ms von der Leyen said: "In this coronavirus crisis, only the strongest of responses will do. We must use every means at our disposal. Every available euro in the EU budget will be redirected to address it, every rule will be eased to enable the funding to flow rapidly and effectively.
"With a new solidarity instrument, we will mobilise €100bn to keep people in jobs and businesses running. With this, we are joining forces with Member States to save lives and protect livelihoods. This is European solidarity."
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