THREAD: The Eurogroup and EU's finance ministers agreed to a #COVID19 emergency rescue package that contains four main components. Here's what the package does...
2⃣...calls upon the European Stability Mechanism (#ESM) to make up to 2% of a member state's GDP (in total up to roughly €240 billion) available in pandemic crisis support.
3⃣...tasks the European Commission with establishing a temporary loan-based instrument for financial assistance. This temporary instrument of up to €100 billion would support unemployment & wage subsidies in the specific pandemic emergency circumstances.
4⃣The EU finance ministers agreed to work on a recovery fund that would be "temporary, targeted and commensurate with the extraordinary costs of the current crisis aka another jointly financed initiative to support economic recovery after the pandemic.
These steps, along with the proposal of a coronavirus recovery fund, raise hopes that European #COVID19 Investment Recovery Bonds, may soon materialize, overcoming the crisis & ensuring the tragedy of COVID19 can eventually help build a more united Europe.
piie.com/blogs/realtime…
piie.com/blogs/realtime…
