#EU #Brussels #Coronavirus #SURE
The European Commission has submitted proposals to the Council for decisions to offer €81.4 billion of financial assistance under the SURE instrument to 15 Member States.
The European Commission has submitted proposals to the Council for decisions to offer €81.4 billion of financial assistance under the SURE instrument to 15 Member States.
SURE is a core element of the EU's holistic plan for protecting people and reducing the extremely negative socio-economic consequences of the coronavirus pandemic. This is one of the European Council 's three safety nets decided to protect jobs, companies and nations.
When these measures are accepted by the Council, the financial assistance will be given in the form of loans issued to Member States at favorable terms from the EU. Such loans would help Member States address unexpected rises in public spending to retain jobs.
In particular, they will enable Member States to cover the costs directly related to the funding of national short-term work schemes and other similar initiatives that they have put in place as a response to the coronavirus pandemic, particularly for self-employed employees.
After consultations with the Member States that have requested funding and after evaluating their demands, the Commission recommends that the Council authorize the granting of financial support to (Image). 
SURE will provide all Member States with financial support totalling up to € 100 billion. The Commission's recommendations to the Council for decisions to provide financial assistance amount to €81.4 billion and cover 15 Member States.
Portugal and Hungary have already submitted formal applications which will be evaluated.
The Commission plans to send a proposal shortly to offer assistance to Portugal and Hungary. Member States which have not yet submitted formal applications can still do so.
A system of mutual guarantees from Member States would underpin the loans given to Member States under the SURE instrument. The Commission expects Member States to complete the process of finalizing their guarantee agreements with the Commission very soon.
The Commission introduced SURE as part of its response to coronavirus, on 2 April 2020. On 19 May 2020, Member States adopted a regulation creating SURE within the Council.
The contribution of each Member State to the aggregate sum of the guarantee corresponds to its relative proportion to the European Union 's total gross national income ( GNI), based on the EU 2020 budget.
@threadreaderapp please unroll
