After a 16-hour teleconference that concluded on Wednesday morning (8 April), eurozone finance ministers failed to find an agreement on the economic package to tackle the economic impact of the coronavirus.
The European Commission is planning to present an updated multi-annual financial framework proposal on 29 April, as part of the recovery strategy to tackle the economic fallout of the coronavirus, according to an internal document seen by EURACTIV.com.
The EU should have a fund capable of issuing debt totalling up to 3% of EU’s GNI (gross national income), or around €450 billion, to support the most affected countries, which would be repaid in proportion to each member state’s GNI, according to an internal document seen by EURACTIV.com.
The coronavirus outbreak hit the world just a few weeks after Robert Schiller published ‘Narrative economics'. Europe now presents the American economist a unique case study.
The Hague and Vienna are insisting on including stricter conditionality attached to loans for coronavirus-hit countries, toughening up the formula proposed by the eurozone’s bailout fund (ESM) and seen by EURACTIV.com.
Member states will provide guarantees to raise up to €100 billion for a new temporary fund to support workers in hard-hit countries affected by coronavirus, such as Italy and Spain, according to the proposal seen by EURACTIV.com.
Banking authorities are calling on European banks to cut their bonuses for this year in order to reflect the impact of the coronavirus and dedicate more resources to the real economy.
The European Commission is planning to present to EU finance ministers next week its pan-European unemployment reinsurance scheme proposal to support the most affected countries by the coronavirus.
The economic slump caused by the coronavirus COVID-19 is expected to be deeper than the 2009 Great Recession, according to a European Commission document seen by EURACTIV.