Minimizing the economic consequences of the coronavirus crisis
The European Union and its member states continue to protect jobs and livelihoods through the use of support measures to a whole new level.
With the help of flexible budget rules and temporary framework for government assistance measures, Euro 2020 member states can provide توفير
- Financial support of about 8% of GDP
- Liquidity system of about 19% of GDP
The European Union provides additional support:
- Recovery facility and resilience
672.5 billion euros in grants and loans to stimulate growth and investment in green and digital transformation
- Sure (a tool for temporary support to reduce unemployment risks in case of crisis)
Loans of up to 100 billion euros to secure jobs
- EGF (European Guarantee Fund within the European Investment Bank)
Launching loans of up to 200 billion euros to support companies
- ESM (European Stability Mechanism) Pandemic Crisis Support
Loans of up to 240 billion euros to eurozone countries to support health care costs linked to the coronavirus
The crisis has implications for GDP and employment
The EU and member states’ actions have saved millions of jobs and businesses.
According to Eurostat data, the percentage growth rate of the euro area (19 member states) in the fourth quarter of 2020 was -1.9% for employment and -4.9% for GDP compared to the same quarter of 2019. In the second quarter it was this rate. -2.9% for employment and -14.6% of GDP.