Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
European Central Bank 05 05 - Health and income support EUR
European Central Bank 05A 05A - Health support EUR
European Central Bank 05B 05B - Income support EUR
European Central Bank 06 06 - Budget reallocation EUR
European Central Bank 09 09 - International Assistance Provided EUR 29,800,000,000 32,964,601,770
European Central Bank 09A 09A - Swaps EUR 29,800,000,000 32,964,601,770 ECB. https://www.ecb.europa.eu/home/search/html/index.en.html?q=+swap+lines (18 May 2020); ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200625~60373986e5.en.html (accessed 9 July 2020); ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200717_1~f143ca1c56.en.html (accessed 23 July 2020); ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200818~6f97d2eefb.en.html (accessed 27 August 2020); ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200828~412bf7c3fd.en.html (accessed 3 September 2020).

(i) March 20, ECB and Danmarks Nationalbank reactivate swap line of EUR24 billion (increased EUR12 billion) to remain in place for as long as needed; (ii) April 15, ECB and Bulgarian National Bank set up new swap line of EUR2 billion to remain in place until end-2020, or as long as needed; (iii) April 22, ECB and Hrvatska narodna banka set up new swap line of EUR2 billion until end-2020, or as long as needed; (iv) No amount/estimate: June 25, Launched a new Eurosystem repurchase (EUREP) facility to provide euro liquidity to non-euro area central banks. The European Central Bank introduced this facility as a precautionary backstop to address pandemic-related euro liquidity needs outside of the euro area. EUREP will allow a broad set of central banks to borrow euros against euro-denominated debt issued by euro area central governments and supranational institutions. EUREP will be available until June 2021. July 17, ECB and Bank of Albania set up a EUR400 million repo line to provide euro liquidity. July 17, ECB and National Bank of Serbia set up a EUR1 billion repo line to provide euro liquidity; (v) August 18, ECB and National Bank of the Republic of North Macedonia set up repo line to remain in place until June 2021 with a size of EUR400 million ; (vi) 28 August, ECB and the Hrvatska narodna banka (Croatian National Bank, HNB) as well as the Banca Naţională a României (National Bank of Romania, BNR) have agreed to extend the respective euro liquidity lines by six months until the end of June 2021 .

European Central Bank 09B 09B - International loans/grants EUR
European Central Bank 11 11 - Other Economic Measures EUR
European Union 05 05 - Health and income support EUR 10,153,500,000 11,231,747,788
European Union 05A 05A - Health support EUR 5,034,500,000 5,569,137,168 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1416 (accessed 1 August 2020); EC. https://www.consilium.europa.eu/en/press/press-releases/2020/09/11/addressing-covid-19-council-approves-6-2-billion-budget-increase-for-2020/ (accessed 12 September 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1671 (accessed 21 September 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1680 (accessed 21 September 2020).

(i) EUR800 million of the EU Solidarity Fund will be available by including a public health crisis within its scope, with a view of mobilizing it if needed for the hardest-hit EU member states; (ii) 19 March, the Commission decided to create a European civil protection stockpile of medical equipment (initial budget of EUR50 million, proposed to increase to EUR80 million) with a 90% Commission grant; (iii) 2 April, the Commission presented legislative proposals for an Emergency Support Instrument for the healthcare sector, (EUR3 billion) from the EU budget. September 11, the EC agreed to add EUR6.2 billion to the EU 2020 budget to address the impact of the COVID-19-crisis and to fund inter alia the vaccine strategy. The revised budget increases payments for the Emergency Support Instrument (ESI) by EUR1.09 billion to ensure the development and deployment of a COVID-19 vaccine. The European Commission will use this money as a down-payment for pre-ordering vaccine doses. September 18, EU allocates EUR150 million for the transport of essential medical items through the ESI and entered into a contract with Sanofi-GSK to purchase up to 300 million doses of the Sanofi-GSK vaccine. [update]; (iv) EUR63 million, European Commission secures EU access to Remdesivir (first European treatment authorised for COVID-19).

European Union 05B 05B - Income support EUR 5,119,000,000 5,662,610,619 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020); EC. https://ec.europa.eu/regional_policy/en/newsroom/news/2020/01/14-01-2020-financing-the-green-transition-the-european-green-deal-investment-plan-and-just-transition-mechanism (accessed 19 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 21 May 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1007 (accessed 12 June 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_997 (accessed 12 June 2020). EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1221 (accessed 9 July 2020); ESF. https://esf.ie/en/covid-19/react-eu/ (accessed 5 September 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1496 (accessed 5 September 2020); UK Government. https://www.gov.uk/government/news/emergency-support-instrument-update (accessed 24 September 2020).

(i) Mobilised European Globalisation Adjustment Fund to support dismissed workers and those self-employed (up to EUR179 million available in 2020); (ii) No amount/estimate: March 19, EU Comission intends to allow State aid for struggling businesses and enable Member States to use the full flexibility foreseen under State aid rules. On May 8, the European Commission adopted a second amendment to extend the scope of the State aid Temporary Framework to recapitalization and subordinated debt measures to further support the economy in the context of the coronavirus outbreak. The amended Temporary Framework will be in place until the end of December 2020, except for recapitalization measures which has an extended period by the end of June 2021. The Commission will assess before these dates if they need to be extended. June 19, third amendment to the State aid extends Temporary Framework to enable Member States to provide public support under the Temporary Framework to all micro and small companies, even if they were already in financial difficulty on 31 December 2019; (iii) June 8, European Innovation Council (EIC) Accelerator Pilot fund issued grants of EUR140 million to innovative companies; (iv) June, EUR4.8 billion (in grants from the amended 2020 annual EU budget) for REACT-EU that will provide additional funding for the most important sectors that will be crucial to lay the basis for a sound recovery. This will involve investment to support job maintenance, including through short-time work schemes and support for the self-employed. The funds can also be used to support job creation and youth employment measures, to health care systems and the provision of working capital and investment support for small and medium-sized enterprises. Such support will be available across economic sectors, including for the much-affected tourism and culture sectors. The additional support will also serve to invest in the European Green Deal and digital transition, as an enhancement to the significant investment in those areas that is already taking place through EU cohesion policy.

European Union 06 06 - Budget reallocation EUR 1,000,000,000 1,106,194,690 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020); EC. https://ec.europa.eu/regional_policy/en/newsroom/news/2020/01/14-01-2020-financing-the-green-transition-the-european-green-deal-investment-plan-and-just-transition-mechanism (accessed 19 April 2020).

March, the EIB redirected EUR1 billion from the EU Budget as a guarantee to the European Investment Fund to incentivize banks to provide liquidity to affected SMEs and mid-caps.

European Union 09 09 - International Assistance Provided EUR 500,279,700,000 553,406,747,788
European Union 09A 09A - Swaps EUR
European Union 09B 09B - International loans/grants EUR 500,279,700,000 553,406,747,788 Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 April 2020); EIB. https://www.eib.org/en/press/all/2020-164-coronavirus-global-response-eib-and-commission-pledge-additional-eur4-9-billion (accessed 14 July 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/IP_20_1344 (accessed 18 July 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1374 (accessed 23 July 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1343 (accessed 23 July 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1403 (accessed 27 July 2020); https://eeas.europa.eu/delegations/georgia/83731/team-europe-eib-lends-eur-10-million-credo-bank-under-its-georgia-outreach-initiative-support_en (accessed 5 August 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1457 (accessed 15 August 2020); EIB. https://www.eib.org/en/press/all/2020-218-eib-and-afreximbank-direct-eur-300m-of-support-to-african-covid-response (accessed 19 August 2020); European Parliament. https://www.europarl.europa.eu/RegData/etudes/BRIE/2019/637893/EPRS_BRI(2019)637893_EN.pdf (accessed 5 September 2020). EC. https://www.consilium.europa.eu/en/press/press-releases/2020/09/11/addressing-covid-19-council-approves-6-2-billion-budget-increase-for-2020/ (accessed 12 September 2020); EIB. https://www.eib.org/en/press/all/2020-233-eib-supports-poland-in-the-fight-against-covid-19 (accessed 18 September 2020); Daily News Egypt. https://dailynewsegypt.com/2020/09/04/eib-nbe-sign-e-800m-financing-agreement-to-ensure-resilient-post-covid-19-recovery-for-smes/ (accessed 21 September 2020); EEAS. https://eeas.europa.eu/headquarters/headquarters-homepage/77470/%E2%80%9Cteam-europe%E2%80%9D-global-eu-response-covid-19-supporting-partner-countries-and-fragile-populations_en (accessed 24 September 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1694 (accessed 24 September 2020); EIB. https://www.eib.org/en/press/all/2020-241-la-banque-europeenne-d-investissement-et-le-credit-agricole-du-maroc-signent-un-accord-de-financement-de-200-millions-d-euros-pour-soutenir-les-ecosystemes-agricoles (accessed 24 September 2020); EIB. https://www.eib.org/en/press/all/2020-244-irish-finance-minister-welcomes-expected-eur-1-billion-eib-support-for-new-investment-in-2020-and-accelerated-support-for-covid-19-business-financing (accessed 24 September 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1718 (accessed 26 September 2020); EC. https://www.consilium.europa.eu/en/press/press-releases/2020/09/25/covid-19-council-approves-87-4-billion-in-financial-support-for-member-states-under-sure/ (accessed 3 October 2020).

For EU Member States: (i) 9 April, EU finance ministers decided to establish Pandemic Crisis Support credit lines within the framework of the European Stability Mechanism (ESM). Access granted will be 2% of the respective country's GDP as of end-2019, as a benchmark (about EUR 240 billion in total). The credit line will be available until the COVID-19 crisis is over. The only requirement to access the credit line is that euro area Member States requesting support would commit to use this credit line to finance direct and indirect healthcare, cure and prevention related costs due to the COVID 19 crisis. On May 15, the Board of Governors of the ESM approved the establishment of Pandemic Crisis Support; (ii) EUR100 billion to finance the short-term unemployment mechanisms through the loans provided by the EU Commision to EU member states (SURE mechanism) backed by EUR 25 billion of guarantees voluntarily committed by Member States to the EU budget. On May 20, a Regulation establishing SURE entered into force. Countries will be able to use loans also in support of some health-related measures, esp. in the workplace. SURE will become available once all Member States have provided the required guarantees proportionally to gross national income, and will remain available until end-2022 (with the possibility to adjust this deadline). On August 24, the European Commission has presented proposals to the Council for decisions to grant financial support of EUR81.4 billion to 15 Member States under the SURE instrument. Once the Council approves these proposals, the financial support will be provided in the form of loans granted on favourable terms from the EU to Member States. These loans will assist Member States in addressing sudden increases in public expenditure to preserve employment. Specifically, they will help Member States to cover the costs directly related to the financing of national short-time work schemes, and other similar measures they have put in place as a response to the coronavirus pandemic, in particular for the self-employed. September 25, EU Council approves the EUR87.4 billion in financial support for member states under SURE [update]; (iii) March, EUR37 billion unallocated funds of cohesion policy funding 2014-2020 will be eligible for Coronavirus crisis related expenditure within the Corona Response Investment Initiative. Member States can use them to support public investment for hospitals, SMEs, labor markets, and stressed regions. The Coronavirus Response Investment Initiative Plus (CRII+), proposed on 2 April, complements the CRII by further enhancing flexibility in the use of cohesion funds. This enhanced flexibility is inter alia provided through transfer possibilities across the three cohesion policy funds (the European Regional Development Fund, European Social Fund and Cohesion Fund), transfers between the different categories of regions (e.g. less vs more developed), flexibility regarding thematic concentration, the possibility for a 100% EU co-financing rate for the accounting year 2020-2021, and simplified procedural steps. September 11, the Council agreed to add EUR6.2 billion to the EU 2020 budget to address the impact of the COVID-19-crisis. Draft amending budget No 8 includes increasing payments by EUR5.1 billion for the Corona Response Investment Initiative (CRII) and the Corona Response Investment Initiative Plus (CRII+). The money will be used to cover the additional needs for cohesion funding forecast until the end of the year. The CRII redirects unspent money from the EU budget to tackling the COVID-19 crisis, whilst the CRII+ relaxes the cohesion spending rules to increase flexibility. September 23, the EC has approved the modification of nine more Cohesion policy operational programmes in Spain, worth a total of EUR1.2 billion from the European Regional Development Fund (ERDF) to alleviate the impact of the coronavirus outbreak. This comprehensive recovery approach will reallocate funds to strengthen the response capacity of the Spanish health system with supplementary hospital beds, the purchase of pharmaceutical and laboratory material, medical and protective equipment. Moreover, support to SMEs will contribute to boost the economic sector. Finally, EU funds will be redirected to develop the ITC of the education and training sectors [update]; (iv) European Green Deal investments will remain a priority as part of the EU's efforts to kickstart its economy post-crisis. One of its three sources of funding is a grant, the A Just Transition Fund, which will receive EUR7.5 billion of fresh EU funds. In order to tap into their share of the Fund, Member States will, in dialogue with the Commission, have to identify the eligible territories through dedicated territorial just transition plans. They will also have to commit to match each euro from the Just Transition Fund with money from the European Regional Development Fund and the European Social Fund Plus and provide additional national resources. Taken together, this will provide between EUR30 and EUR50 billion of funding. It will, for example, support workers to develop skills and competences for the job market of the future and help SMEs, start-ups and incubators to create new economic opportunities in these regions. It will also support investments in the clean energy transition, for example in energy efficiency. Another source of funds for this initiative is a public sector loan facility with the European Investment Bank backed by the EU budget to mobilise between EUR25 and EUR30 billion of investments. It will be used for loans to the public sector, for instance for investments in district heating networks and renovation of buildings; (v) September 9, EIB made available EUR650 million to the Polish Ministry of Finance to support the country’s efforts in combating the pandemic; (vi) September 21, EIB expects to provide more than EUR1 billion to support new COVID-19 and Brexit business financing programmes, climate action and education investment in Ireland in 2020 and work closely with Irish authorities to implement the National Recovery Plan [update]. For Non-EU Member States (i) July, The EU will secure financial support to partner countries amounting to more than EUR15.9 billion (increased from EUR15.6) from existing external action resources; (ii) April 11, A EUR20 billion Team Europe package to support partner countries to combat the coronavirus pandemic and its consequences. The Team Europe package has the aim of supporting the most vulnerable countries and people most at risk, in the EU’s neighbourhood, with special emphasis on Africa, and also in the Pacific, in Latin America and the Caribbean [update]. August 5, EIB is directing EUR300 million of financing to support the resilience and recovery of African nations in response to the COVID-19 pandemic. September 18, EUR400 million contribution in guarantees to support the COVAX Facility for equitable access to affordable COVID-19 vaccines. This is part of the Team Europe response [update]; (iii) March 31, Added a new package of almost EUR240 million to the EU Regional Trust Fund in Response to the Syrian Crisis; (iv) June, EUR1 billion for the European Fund for Sustainable Development (EFSD) which is one of the EU financial instruments that promote a pro-active development aid policy. It is part of the complex European external investment plan to support investments primarily in the EU neighbourhood and Africa; (v) July 16, EUR15 million humanitarian funding for Haiti; (vi) July 29, The European Commission (EC) is providing EUR64.7 million in humanitarian aid for countries in the southern Africa region to help support people in need dealing with the coronavirus pandemic, extreme weather conditions such as persistent drought in the region and other crises; (vii) August 3, the EIB will lend EUR10 million in synthetic local currency to Credo Bank, the leading actor on microfinance market in Georgia predominantly servicing enterprises in rural areas and agricultural sector. This is the second loan under the EIB's Georgia Outreach Initiative launched to improve access to finance for the country's MSMEs. Loans will be available under flexible terms to help maintain liquidity of MSMEs to continue operating and preserve jobs. The loan comes as a part of the immediate response to Covid-19 pandemic launched by the EU and its Team Europe and is facilitated by an EU grant; (viii) August 11, EUR3 billion macro-financial assistance (MFA) programmes for ten enlargement and neighbourhood partners (Albania, Bosnia and Herzegovina, Georgia, Jordan, Kosovo, Moldova, Montenegro, North Macedonia, Tunisia and Ukraine), aimed to help them limit the economic fallout of the coronavirus pandemic. The MFA funds will be made available for 12 months in the form of loans on highly favourable terms to help these countries cover their immediate, urgent financing needs; (ix) September 6, EIB and Egypt’s National Bank of Egypt have signed an agreement, worth EUR800 million, to meet the financial needs of small- and medium-sized enterprises and build their resilience to the novel coronavirus (COVID-19) pandemic. The agreement between the two banks comes as part of a larger agreement approved by the EIB worth EUR1.9 billion, where EUR1.1 billion will be provided for the transport sector and EUR800 million for SMEs; (x) September 16, EIB and Morocco’s Crédit Agricole du Maroc sign a EUR200 million financing agreement to support agricultural ecosystems [update].

European Union 11 11 - Other Economic Measures EUR WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accesed 20 April 2020); Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 20 April 2020); ESMA. https://www.esma.europa.eu/press-news/esma-news/esma-provides-option-apply-annual-transparency-calculations-non-equity (accessed 19 September 2020); ESMA. https://www.esma.europa.eu/press-news/esma-news/esma-renews-its-decision-requiring-net-short-position-holders-report-position-0 (accessed 19 September 2020); EBA. https://eba.europa.eu/eba-launches-eu-wide-transparency-exercise (accessed 1 October 2020).

(i) March to April, ESMA, EU's securities and markets regulator, issued various statements to adjust compliance and reporting schedule, clarify accounting standard applications (e.g. IAS 8, IFRS 9, and IFRS 17), and ensure alignment of reporting requirements and supervisory practices in the EU; (ii) April 26, Export restriction of critical COVID-related products; (iii) September 7, ESMA provides for the option to apply the annual transparency calculations for non-equity instruments from 21 September; (iv) September 17, The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has renewed its decision to temporarily require the holders of net short positions in shares traded on a European Union (EU) regulated market to notify the relevant national competent authority (NCA) if the position reaches or exceeds 0.1% of the issued share capital. The measure applies from 18 September 2020 for a period of three months; (v) September 25, The European Banking Authority launched its 7th annual EU-wide transparency exercise, with the objective of providing market participants with updated information on the financial conditions of EU banks as of June 2020, thus assessing the preliminary impact of the COVID-19 crisis on the sector. The EBA expects to publish the results of this exercise at the beginning of December, along with the Risk Assessment Report [update].