Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
European Central Bank 01 01 - Liquidity Support EUR
European Central Bank 01A 01A - Short-term lending EUR OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020). ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr201210~8acfa5026f.en.html (accessed December 12 2020).

(i) No amount/estimate: 12 March 2020, Conducting additional longer-term refinancing operations (LTROs) temporarily (with an interest rate equal to the average rate on the deposit facility, -0.50% currently); (ii) No amount/estimate: 10 December 2020, ECB to offer four additional pandemic emergency longer-term refinancing operations (PELTROs) on a quarterly basis during 2021. Each operation will have a tenor of approximately one year. These operations will serve as a liquidity backstop to the euro area banking system and contribute to preserving the smooth functioning of money markets during the extended pandemic period.

European Central Bank 01B 01B - Support policies for short-term lending EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020).

No amount/estimate: (i) The ECB announced a broad package of collateral easing measures for Eurosytem credit operations in early April. These include a permanent collateral haircut reduction of 20 percent for non-marketable assets, and temporary measures for the duration of the PEPP (with a view to re-assess their effectiveness before the end of 2020) such as a reduction of collateral haircuts by 20 percent and expansion of collateral eligibility to include Greek sovereign bonds as well as an expansion of the scope of so-called additional credit claims framework so that it may also include public sector-guaranteed loans to SMEs, self-employed individuals, and households. In a move to mitigate the impact of possible rating downgrades on collateral availability , on 22 April 2020, the ECB also announced that it would grandfather until September 2021 the eligibility of marketable assets used as collateral in Eurosystem credit operations falling below current minimum credit quality requirements of “BBB-“ (“A-“ for asset-backed securities) as long as their rating remains at or above “BB” and “BB+”, respectively. Assets that fall below these minimum credit quality requirements will be subject to haircuts based on their actual ratings; (ii) Allow major banks (directly supervised by the ECB) to operate temporarily below the level of capital defined by the Pillar 2 Guidance (P2G), the capital conservation buffer (CCB) and the liquidity coverage ratio (LCR).

European Central Bank 01C 01C - Forex operations EUR
European Central Bank 04 04 - Equity support EUR
European Central Bank 12 12 - Non-Economic Measures EUR
European Central Bank 12A 12A - Measures affecting travel and transport (local and international) EUR
European Central Bank 12B 12B - Measures affecting business and workplace EUR
European Central Bank 12C 12C - Others EUR
European Union 01 01 - Liquidity Support EUR 10,000,000,000 11,061,946,903
European Union 01A 01A - Short-term lending EUR 10,000,000,000 11,061,946,903 EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_569 (accessed 16 April 2020).

March 2020, The European Investment Bank (EIB) dedicated liquidity lines to banks to ensure additional working capital support for small and medium enterprises (SMEs) and mid-caps of EUR10 billion.

European Union 01B 01B - Support policies for short-term lending EUR
European Union 01C 01C - Forex operations EUR
European Union 04 04 - Equity support EUR 549,000,000 607,300,885 EIB. https://www.eib.org/en/press/all/2020-103-eib-backs-eur5-billion-investment-to-mitigate-economic-impact-of-coronavirus-and-support-medical-technology (accessed 29 April 2020); Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 April 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_1507 (accessed 27 August 2020).

(i) 8 April 2020, The Commission is launching ESCALAR, a new investment approach, developed together with the European Investment Fund (EIF), that will support venture capital and growth financing for promising companies. In its pilot phase, ESCALAR will provide up to EUR300 million backed by the European Fund for Strategic Investments (EFSI); (ii) 24 April 2020, EIB also approved an equity investment worth EUR75 million for the German company Curevac, through the EIB's Infectious Disease Financing Facility; (iii) 8 June 2020, EUR174 million equity investments from the European Innovation Council (EIC) Accelerator Pilot funding to innovative startups and SMEs; (iv) June 2020, EUR5.3 billion for the Solvency Support Instrument that will work via an EU guarantee provided to the European Investment Bank (EIB) Group under the European Fund for Strategic Investments (EFSI). Solvency support will form a separate window under the EFSI to mobilize private capital. The EIB Group will use this guarantee to provide financing directly or invest, fund or guarantee equity funds, special purpose vehicles, investment platforms or national promotional banks. These intermediary funds or vehicles must be established and operate in the EU. The Solvency Support Instrument should predominantly channel solvency support through financial market intermediaries and only to a lesser degree facilitate direct support to companies by the EIB Group.

European Union 12 12 - Non-Economic Measures EUR
European Union 12A 12A - Measures affecting travel and transport (local and international) EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020); Council of the EU. https://www.consilium.europa.eu/en/press/press-releases/2020/10/13/covid-19-council-adopts-a-recommendation-to-coordinate-measures-affecting-free-movement/ (accessed 26 January 2021); EC https://ec.europa.eu/commission/presscorner/detail/en/ip_21_195 (accessed 26 January 2021); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_21_194 (accessed 26 January 2021); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_21_1181 (accessed 18 March 2021).

(i) Most European countries have taken several containment measures ranging from lockdowns and travel restrictions to school closures and bans on large gatherings. Measures that favor teleworking were also widely implemented. The European Commission presented guidelines for exit strategies and called for a common framework across member states. The criteria include: (i) sustained reduction and stabilization of new cases, (ii) sufficient health system capacity such as adequate hospital beds, pharmaceutical products, and equipment, and (iii) appropriate monitoring capacity to quickly detect and isolate infected individuals as well as to trace contacts. The Commission invited Schengen Member States and Schengen Associated States to extend the temporary restriction on non-essential travel to the EU until 15 June 2020 and presented further guidance on a gradual lifting of border restrictions; (ii) 13 October 2020, The European Council adopts a recommendation to coordinate measures affecting free movement with the region. EU member states have agreed on a common approach to travel measures and developed common criteria for mapping risk (for details, see: https://bit.ly/3ogFom7). The coordinated approach ensures freedom of movement, increases transparency for citizens and businesses and avoids fragmentation and disruption of services. 25 January 2021, In light of the new coronavirus variant, the EC proposes to update the Council recommendation on the agreed color code for the mapping of risk areas and Stricter measures for travelers from higher-risk areas; (iii) 25 January 2021, EC proposes additional safeguards on travel from outside the EU and updated criteria for applying travel restrictions; (iv) 17 March 2021, EC is proposing to create a Digital Green Certificate to facilitate safe free movement inside the EU during the COVID-19 pandemic. It will be a proof that a person has been vaccinated against COVID-19, received a negative test result or recovered from COVID-19. It will be available, free of charge, in digital or paper format and will include a QR code to ensure security and authenticity of the certificate [update].

European Union 12B 12B - Measures affecting business and workplace EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020).

Most European countries have taken several containment measures ranging from lockdowns and travel restrictions to school closures and bans on large gatherings. Measures that favor teleworking were also widely implemented.

European Union 12C 12C - Others EUR EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_2254 (accessed 20 January 2021); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_21_3 (accessed 5 February 2021); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_2466 (accessed 5 February 2021); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_21_306 (accessed 5 February 2021); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_21_3 (accessed 5 February 2021); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_2466 (accessed 5 February 2021); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_21_306 (accessed 5 February 2021); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_21_1085 (accessed 18 March 2021); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_21_143 (accessed 20 January 2021); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_21_307 (accessed 5 February 2021); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_21_1121 (accessed 18 March 2021).

(i) 2 December 2020, To sustainably manage the pandemic over the winter months, the EC adopted “Staying Safe from COVID-19 during Winter" strategy recommending continued vigilance and caution throughout the winter period and into 2021 when the roll out of safe and effective vaccines will take place. Recommended control measures concern physical distancing and limiting social contacts, testing and contact tracing, and safe travel, among others; (ii) Conditional marketing authorizations (CMA) were granted for the COVID-19 vaccines developed by BioNTech and Pfizer (21 December 2020), Valneva (6 January 2021), AstraZeneca (29 January 2021) and Janssen Pharmaceutica NV (11 March 2021) [update]. These authorizations follow a positive scientific recommendation based on a thorough assessment of the safety, effectiveness and quality of the vaccine by the European Medicines Agency (EMA) and are endorsed by the Member States; (iii) 19 January 2021, To step up the fight against the pandemic, The EC called on Member States to accelerate the roll-out of vaccination across the EU, continue to apply physical distancing, limit social contacts, fight disinformation, coordinate travel restrictions, ramp up testing, and increase contact tracing and genome sequencing to face up to the risk from new variants of the virus; (iv) 29 January 2021, To ensure timely access to COVID-19 vaccines for all EU citizens and to tackle the current lack of transparency of vaccine exports outside the EU, The EC put in place a measure requiring that such exports are subject to an authorization by Member States. 11 March 2021, The transparency and authorisation mechanism for COVID-19 vaccine exports has been extended until June 2021 [update].

European Central Bank 01 01 - Liquidity Support EUR
European Central Bank 01A 01A - Short-term lending EUR OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020).

No amount/estimate: 12 March, Conducting additional longer-term refinancing operations (LTROs) temporarily (with an interest rate equal to the average rate on the deposit facility, -0.50% currently).

European Central Bank 01B 01B - Support policies for short-term lending EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020).

No amount/estimate: (i) The ECB also announced a broad package of collateral easing measures for Eurosytem credit operations in early April. These include a permanent collateral haircut reduction of 20 percent for non-marketable assets, and temporary measures for the duration of the PEPP (with a view to re-assess their effectiveness before the end of 2020) such as a reduction of collateral haircuts by 20 percent and expansion of collateral eligibility to include Greek sovereign bonds as well as an expansion of the scope of so-called additional credit claims framework so that it may also include public sector-guaranteed loans to SMEs, self-employed individuals, and households. In a move to mitigate the impact of possible rating downgrades on collateral availability , on April 22, the ECB also announced that it would grandfather until September 2021 the eligibility of marketable assets used as collateral in Eurosystem credit operations falling below current minimum credit quality requirements of “BBB-“ (“A-“ for asset-backed securities) as long as their rating remains at or above “BB” and “BB+”, respectively. Assets that fall below these minimum credit quality requirements will be subject to haircuts based on their actual ratings; (ii) Allow major banks (directly supervised by the ECB) to operate temporarily below the level of capital defined by the Pillar 2 Guidance (P2G), the capital conservation buffer (CCB) and the liquidity coverage ratio (LCR).

European Central Bank 01C 01C - Forex operations EUR
European Central Bank 04 04 - Equity support EUR
European Central Bank 12 12 - Non-Economic Measures EUR
European Union 01 01 - Liquidity Support EUR 10,000,000,000 11,061,946,903
European Union 01A 01A - Short-term lending EUR 10,000,000,000 11,061,946,903 EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_569 (accessed 16 April 2020).

March, The European Investment Bank (EIB) dedicated liquidity lines to banks to ensure additional working capital support for small and medium enterprises (SMEs) and mid-caps of EUR10 billion.

European Union 01B 01B - Support policies for short-term lending EUR
European Union 01C 01C - Forex operations EUR
European Union 04 04 - Equity support EUR 549,000,000 607,300,885 EIB. https://www.eib.org/en/press/all/2020-103-eib-backs-eur5-billion-investment-to-mitigate-economic-impact-of-coronavirus-and-support-medical-technology (accessed 29 April 2020); Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 April 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1007 (accessed 12 June 2020).

(i) April 8, The Commission is launching ESCALAR, a new investment approach, developed together with the European Investment Fund (EIF), that will support venture capital and growth financing for promising companies. In its pilot phase, ESCALAR will provide up to EUR300 million backed by the European Fund for Strategic Investments (EFSI); (ii) April 24, EIB also approved an equity investment worth EUR75 million for the German company Curevac, through the EIB's Infectious Disease Financing Facility; (iii) June 8, EUR174 million equity investments from the European Innovation Council (EIC) Accelerator Pilot funding to innovative startups and SMEs.

European Union 12 12 - Non-Economic Measures EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020).

Most European countries have taken several containment measures ranging from lockdowns and travel restrictions to school closures and bans on large gatherings. Measures that favor teleworking were also widely implemented. The European Commission presented guidelines for exit strategies and called for a common framework across member states. The criteria include: (i) sustained reduction and stabilization of new cases, (ii) sufficient health system capacity such as adequate hospital beds, pharmaceutical products, and equipment, and (iii) appropriate monitoring capacity to quickly detect and isolate infected individuals as well as to trace contacts. The Commission invited Schengen Member States and Schengen Associated States to extend the temporary restriction on non-essential travel to the EU until 15 June and presented further guidance on a gradual lifting of border restrictions .

European Central Bank 01 01 - Liquidity Support EUR
European Central Bank 01A 01A - Short-term lending EUR OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020).

No amount/estimate: 12 March, Conducting additional longer-term refinancing operations (LTROs) temporarily (with an interest rate equal to the average rate on the deposit facility, -0.50% currently).

European Central Bank 01B 01B - Support policies for short-term lending EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020).

No amount/estimate: (i) The ECB also announced a broad package of collateral easing measures for Eurosytem credit operations in early April. These include a permanent collateral haircut reduction of 20 percent for non-marketable assets, and temporary measures for the duration of the PEPP (with a view to re-assess their effectiveness before the end of 2020) such as a reduction of collateral haircuts by 20 percent and expansion of collateral eligibility to include Greek sovereign bonds as well as an expansion of the scope of so-called additional credit claims framework so that it may also include public sector-guaranteed loans to SMEs, self-employed individuals, and households. In a move to mitigate the impact of possible rating downgrades on collateral availability , on April 22, the ECB also announced that it would grandfather until September 2021 the eligibility of marketable assets used as collateral in Eurosystem credit operations falling below current minimum credit quality requirements of “BBB-“ (“A-“ for asset-backed securities) as long as their rating remains at or above “BB” and “BB+”, respectively. Assets that fall below these minimum credit quality requirements will be subject to haircuts based on their actual ratings; (ii) Allow major banks (directly supervised by the ECB) to operate temporarily below the level of capital defined by the Pillar 2 Guidance (P2G), the capital conservation buffer (CCB) and the liquidity coverage ratio (LCR).

European Central Bank 01C 01C - Forex operations EUR
European Central Bank 04 04 - Equity support EUR
European Central Bank 12 12 - Non-Economic Measures EUR
European Union 01 01 - Liquidity Support EUR 10,000,000,000 11,061,946,903
European Union 01A 01A - Short-term lending EUR 10,000,000,000 11,061,946,903 EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_569 (accessed 16 April 2020).

March, The European Investment Bank (EIB) dedicated liquidity lines to banks to ensure additional working capital support for small and medium enterprises (SMEs) and mid-caps of EUR10 billion.

European Union 01B 01B - Support policies for short-term lending EUR
European Union 01C 01C - Forex operations EUR
European Union 04 04 - Equity support EUR 549,000,000 607,300,885 EIB. https://www.eib.org/en/press/all/2020-103-eib-backs-eur5-billion-investment-to-mitigate-economic-impact-of-coronavirus-and-support-medical-technology (accessed 29 April 2020); Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 April 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1007 (accessed 12 June 2020).

(i) April 8, The Commission is launching ESCALAR, a new investment approach, developed together with the European Investment Fund (EIF), that will support venture capital and growth financing for promising companies. In its pilot phase, ESCALAR will provide up to EUR300 million backed by the European Fund for Strategic Investments (EFSI); (ii) April 24, EIB also approved an equity investment worth EUR75 million for the German company Curevac, through the EIB's Infectious Disease Financing Facility; (iii) June 8, EUR174 million equity investments from the European Innovation Council (EIC) Accelerator Pilot funding to innovative startups and SMEs [update].

European Union 12 12 - Non-Economic Measures EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020).

Most European countries have taken several containment measures ranging from lockdowns and travel restrictions to school closures and bans on large gatherings. Measures that favor teleworking were also widely implemented. The European Commission presented guidelines for exit strategies and called for a common framework across member states. The criteria include: (i) sustained reduction and stabilization of new cases, (ii) sufficient health system capacity such as adequate hospital beds, pharmaceutical products, and equipment, and (iii) appropriate monitoring capacity to quickly detect and isolate infected individuals as well as to trace contacts. The Commission invited Schengen Member States and Schengen Associated States to extend the temporary restriction on non-essential travel to the EU until 15 June and presented further guidance on a gradual lifting of border restrictions .