Coordinated economic response to the COVID-19 Outbreak

Summary:

Communication published by the European Commission on 13 March 2020, setting out a coordinated response to mitigate the socio-economic impact of the COVID-19 outbreak.

Further information:

This coronavirus outbreak became a severe public health emergency, but also a major economic shock to the European Union (EU). This prompted the European Commission to work on a strategy centred on a European coordinated response. The response focuses on a number of elements, including:

• Measures to ensure state aid flexibility, in a context where the main fiscal response to the coronavirus is to come from Member States' national budgets;
• Flexibility to the EU's fiscal framework, allowing for exceptional spending to contain the outbreak;
• Ensuring solidarity in the Single Market;
• Mobilisation of the EU budget;
• Support in alleviating impact on employment;
• Coronavirus Response Investment Initiative (CRII).

• Primary Source

News

EurActiv, 13/03/2020: Coronavirus ‘very likely’ to push Europe into recession, Commission warns https://www.euractiv.com/section/economy-jobs/news/coronavirus-very-likely-to-push-europe-into-recession-commission-warns/

RTÉ News, 13/03/2020: EU to set up €37 billion coronavirus investment initiative https://www.rte.ie/news/business/2020/0313/1122069-eu-to-set-up-37-billion-virus-investment-initiative/

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Official

European Commission: Press Release, 13/03/2020: COVID-19: Commission sets out European coordinated response to counter the economic impact of the Coronavirus https://ec.europa.eu/commission/presscorner/detail/en/ip_20_459

European Commission: News, 13/03/2020: Von der Leyen on Coronavirus response: EU to be determined and united https://ec.europa.eu/commission/presscorner/detail/en/ac_20_466

European Commission: Remarks by President von der Leyen at the joint press conference with Executive Vice-Presidents Vestager and Dombrovskis to present the economic response to the Coronavirus crisis (13 March 2020) https://ec.europa.eu/commission/presscorner/detail/en/statement_20_465

European Commission: European Coordinated Response on Coronavirus: Questions and Answers (13 March 2020) https://ec.europa.eu/commission/presscorner/detail/en/qanda_20_458

European Commission: Remarks by Executive Vice-President Dombrovskis at the joint press conference to present the economic response to the Coronavirus crisis (13 March 2020) https://ec.europa.eu/commission/presscorner/detail/en/speech_20_464

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