Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline||EUR10,000,000,000||USD11,061,946,903|
|01A - Short-term lending info_outline||EUR10,000,000,000||USD11,061,946,903||
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.
|01B - Support policies for short-term lending info_outline|
|01C - Forex operations info_outline|
|02 - Credit creation info_outline||EUR257,453,000,000||USD284,793,141,593|
|02A - Financial sector lending/funding info_outline||EUR8,295,000,000||USD9,175,884,956||
(i) 15 June 2020, The European Investment Bank (EIB) has provided EUR200 million in financing to DLL, a global asset finance company for equipment and technology, and wholly owned subsidiary of Rabobank, to support small and medium-sized enterprises (SMEs) and contribute to a greener economy; (ii) 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; (iii) 1 July 2020, The EIB will grant EUR450 million to BBVA, which will in turn add a further EUR450 million, bringing the financing made available to the SMEs and mid-caps in question to EUR900 million; (iv) 6 July 2020, EIB granted two lines of credit totaling EUR600 million which will allow Crédit Mutuel Alliance Fédérale to lend more than EUR1.2 billion to French SMEs and mid-caps; (v) 27 July 2020, EIB joined with Banco Santander Consumer Portugal (BSCP) to support Portuguese small and medium-sized enterprises (SMEs) and mid-caps affected by the COVID-19 crisis with EUR587 million; (vi) 19 October 2020, The EIB and its subsidiary the European Investment Fund (EIF) have provided the corporate leasing specialist with EUR490 million via a securitization financing operation. Alba Leasing has undertaken to double this, increasing the total amount available to almost EUR1 billion (EUR980 million) for projects across all economic sectors, with a particular focus on environmental investments (for which 20% of the resources have been reserved); (vii) 20 October 2020, The EIB Group is subscribing a total of EUR198 million of the securitization issued by Santander to support SMEs and mid-caps affected by the COVID-19 crisis; 22 October 2020, (viii) EIB is joining forces with the Instituto de Crédito Oficial (ICO) and PSA Financial Services Spain, E.F.C., S.A. (PSA Finance) to support Spanish small and medium-sized enterprises (SMEs) and mid-caps affected by the coronavirus crisis. To this end, the EIB and ICO will subscribe several tranches of a securitization of a loan portfolio originated by PSA Finance, a joint venture between Banque PSA Finance (50%) and Santander Consumer Finance (SCF) (50%) focused on vehicle financing. The EU bank will provide EUR250 million while ICO will contribute EUR100 million; (ix) EIB and Erste Bank Serbia signed EUR30 million loan to help fast recovery of SMEs and mid-caps; (x) Hundreds of companies across Romania will benefit from EUR190 million of new private sector EIB financing to support sectors most impacted by the economic, social and health impact of COVID-19. CEC Bank, Intesa Sanpaolo Bank Romania, Unicredit and BRD Sogelease to manage accelerated response program across the country.
|02B - Support policies for long-term lending info_outline|
|02B1 - Interest rate adjustments|
|02B2 - Other policies to support long-term lending||
(i) No amount/breakdown: 22 April 2020, Provided guidance on the use of flexibility in relation to COVID-19 and called for heightened attention to risks. The European Banking Authority (EBA) proposed to introduce the use of a 66% aggregation factor to be applied until December 31, 2020 under the "core approach." EBA intended to delay reporting for the first FRTB-SA figures until September 2021. EBA emphasized flexibility in the prudential requirements available to competent authorities for banks using VaR models. EBA also clarified the prudential application on the definitions of "default" and "forbearance," and how the EBA Guidelines on legislative and non-legislative moratoria on loan repayments apply to securitizations; (ii) No amount/breakdown: 18 June 2020, the European Parliament and the European Council adopted the “banking package,” which provides targeted and exceptional legislative changes to the capital requirements regulation (CRR 2), including greater flexibility in the application of the EU’s accounting and prudential rules, which are aimed at facilitating bank lending to support the economy; (iii) No amount/estimate: 24 July 2020, the EC proposed a Capital Markets Recovery Package with targeted adjustments to capital market rules, which aim to encourage greater investments in the economy, allow for the rapid re-capitalization of companies, and increase banks' capacity to finance the recovery; (iv) No amount/estimate: 17 September 2020, The ECB announced today that euro area banks under its direct supervision may exclude certain central bank exposures from the leverage ratio. The move is aimed at easing the implementation of monetary policy. The Capital Requirement Regulation (CRR), as amended by the CRR “quick fix”, allows banking supervisors, after consulting the relevant central bank, to allow banks to exclude central bank exposures from their leverage ratio. Such assets include coins and banknotes as well as deposits held at the central bank; (v) No amount/estimate: 2 December 2020, the EBA decided to reactivate its Guidelines on legislative and non-legislative moratoria to ensure that loans, which had previously not benefitted from payment moratoria, can now also benefit from them. The role of banks to ensure the continued flow of lending to clients remains of utmost importance and with the reactivation of these Guidelines, the EBA recognizes the exceptional circumstances of the second COVID-19 wave. The EBA revised Guidelines, which will apply until 31 March 2021, include additional safeguards against the risk of an undue increase in unrecognized losses on banks’ balance sheet; (vi) No amount/estimate: 15 December 2020, the ECB recommended that banks exercise extreme prudence on dividends and share buy-backs - all banks should consider not distributing any cash dividends or conducting share buy-backs, or to limit such distributions, until 30 September 2021; (vii) No amount/estimate: 16 December 2020, the EC presented a strategy to prevent a future build-up of non-performing loans (NPL) across the EU and ensure that EU households and businesses continue to have access to the funding they need throughout the crisis.
|02C - Loan guarantees||EUR249,158,000,000||USD275,617,256,637||
(i) 16 March 2020, The EIB's EUR20 billion in dedicated guarantee schemes to banks based on existing programs for immediate deployment; (ii) 6 April 2020, 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 midcaps; (iii) 9 April 2020, EIB proposal to create a EUR25 billion guarantee fund, which will support up to EUR200 billion of financing for companies (especially SMEs) throughout the EU. The scheme will be implemented by the EIB Group, in close partnership with national promotional banks and other financial intermediaries. 16 August 2021, The EC approved, a new product in the form of guarantees on synthetic securitization tranches under the European Guarantee Fund to support companies affected by the coronavirus outbreak in the 22 participating Member States. With an envisaged dedicated budget of EUR1.4 billion, the new product is expected to mobilise at least EUR13 billion of new lending to SMEs affected by the outbreak [update]; (iv) No amount/estimate: European Green Deal investments will remain a priority as part of the EU's efforts to kickstart its economy post-crisis. The commission hopes to mobilize at least 1 trillion euros (USD1.1 trillion) of sustainable investments in the next 10 years to help the bloc become climate-neutral by 2050. The InvestEU Fund will mobilize public and private investment through an EU budget guarantee; (v) 26 May 2020, The Board of Directors of the EIB has agreed on the structure and business model of the new Pan-European Guarantee Fund (EGF). Member State contributions to the EGF will take the form of guarantees and may include an upfront payment. Such guarantees will cover losses incurred in the operations supported by the EGF. Any losses will be borne pro rata by the participating countries. At least 65% of the financing are earmarked for SMEs. A maximum of 23% will go to companies with 250 or more employees, with restrictions applying to larger companies with more than 3,000 staff. A maximum of 5% of the financing can go to public sector companies and entities active in the area of health. Another 7% of EGF-supported financing can be allocated to venture and growth capital and venture debt in support of SMEs and midcaps. It will enable the EIB Group to scale up its support for mostly small and medium-sized European companies, providing up to EUR200 billion of additional financing. Under this scheme, EIB on 15 and 13 July 2020 respectively, financed ZANINI Auto Group's innovation strategy with EUR25 million loan and provided Santander (Spanish commercial bank) with EUR757 million to help support SMEs and mid-caps.(vi) 1 July 2020, EIB Group – via the European Investment Fund (EIF), its subsidiary specializing in venture capital for SMEs – has provided BBVA with an EUR87 million guarantee for an SME loan portfolio via synthetic securitization; (vii) 1 October 2020, The EIB Group, consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), has provided a mezzanine tranche guarantee of around EUR125 million to Commerzbank AG on an existing portfolio of loans to small and medium-sized companies (SMEs and mid-caps). The guarantee will release regulatory capital for Commerzbank and will enable it to provide new lending of up to EUR500 million to SMEs and mid-caps in Germany under favorable terms. This is expected to mitigate the impact of the COVID-19 crisis on smaller businesses, self-employed individuals and mid-caps, which are currently experiencing shortages in liquidity; (viii) 13 October 2020, under the new European Guarantee Fund (EGF), approved EUR1.6625 billion guarantee and equity products for companies and health investment in EU member states most impacted by COVID-19; (ix) 4 November 2020, The European Investment Fund's (Part of the EIB Group) has agreed a top-up of EUR350 million with 5 Finnish banks on a loan guarantee scheme to help SMEs obtain financing. The guarantee scheme is a program under the European Union SME Initiative; (x) 19 January 2021, EIB Group synthetic securitization of around EUR130 million to enable BTV to lend more than EUR400 million to small and mid-sized businesses in Austria and Germany in response to COVID-19. The operation is backed by the EFSI guarantee under the Investment Plan for Europe; (xi) 1 February 2021, The EIF signed a guarantee agreement with Reinvent Finance to enable it to provide new financing to operators in the Nordic (i.e. Denmark, Sweden, Norway, Finland and Iceland) film and TV series industry who are facing difficulties as a result of the economic shock brought by the coronavirus pandemic. The guarantee agreement is backed by the EC under the Cultural and Creative Sectors Guarantee Facility (CCS GF) and the EFSI. A total guarantee amount of up to EUR26 million is expected to support 60 transactions in the film and TV series production sector, supporting Nordic creative content to go worldwide; (xii) 1 April 2021, The EIB and Finnvera signed an agreement on a guarantee program which will enable Finnvera (Finland's official Export Credit Agency (ECA)) to grant a total of EUR650 million of working capital and investment loans, mainly for the financing needs of large enterprises. This funding will have a 75% EIB guarantee and will be in force until the end of 2021; (xiii) 10 May 2021, EIB signed a guarantee agreement with OP Bank to allow OP to bring new financing worth EUR300 million to mid-size Finnish companies. The EIB’s guarantee will cover EUR195 million (65%) and the agreement will be valid until the end of 2021; (xiv) 21 June 2021, The EIB Group has provided a guarantee of EUR95 million to Landesbank Baden Württemberg (LBBW) to enable the bank to provide new lending of up to EUR570 million to small and medium-sized companies for their recovery from liquidity shortages caused by the COVID-19 crisis. The operation is backed by an EFSI guarantee under the Investment Plan for Europe.
|03 - Direct long-term lending info_outline||EUR57,147,500,000||USD63,216,261,062|
|03A - Long-term lending info_outline||EUR57,147,500,000||USD63,216,261,062||
(i) March 2020, the EIB dedicated EUR10 billion in asset-backed securities (ABS) purchasing programs to allow banks to transfer risk on portfolios of SME loans. 10 December 2020: The EIB and EIF issued a EUR795 million guarantee to ING, which will support new lending to Dutch SMEs and Mid-Caps to mitigate impact from COVID-19; (ii) 23 April 2020, Approved EUR5 billion in new financing for businesses affected by the coronavirus, and for the development of medical technology. EUR3 billion was dedicated to businesses in Spain and Italy. The approval represents an extension of the loan package first identified on 16 March 2020; (iii) 15 July 2002, EUR14.7 billion from a EUR16.6 billion EIB approved amount (less EUR1.9 billion for Egypt's transport and SME sectors) for COVID-19 health response and economic resilience, climate, clean transport, energy and housing; (iv) 21 July 2020, EIB provided EUR205 million in loans to Adif Alta Velocidad (Spanish rail network) to promote the development of rail infrastructure; (v) 21 July 2020, EIB provided EUR300 million in loans to the Autonomous Province of Trento for sustainable projects and post-COVID-19 reconstruction; (vi) 22 July 2020, EIB provided EUR125 million in loans for Greece's 826 MW Mytilineos power plant to support energy transition; (vii) 31 July 2020, EIB signed a second tranche worth EUR40 million for the rehabilitation of 180 kilometers of road along the five main routes in Montenegro. The loan from the EU bank is complemented by a EUR1.5 million technical assistance grant awarded under the Economic Resilience Initiative (ERI). It is the first ERI grant to be awarded to a project in the Western Balkans. The total EIB investment worth EUR80 million is expected to increase road safety and efficiency and facilitate faster economic recovery and regional trade; (viii) 11 September 2020, EIB lends EUR500 million to the Lazio Region for SMEs, mid-caps, infrastructure, environment and post COVID-19 recovery; (ix) 14 September 2020, Montenegrin SMEs and mid-caps in tourism and other sectors severely affected by COVID-19 will benefit from EUR50 million loan that the EIB has signed with the Montenegrin Investment and Development Fund; (x) 18 September 2020, EIB approves EUR12.6 billion financing for transport, clean energy, urban development and COVID-19 resilience; (xi) 1 October 2020, The EIB Group has provided a mezzanine tranche guarantee of around EUR125 million to Germany’s Commerzbank AG on loans to SMEs and mid-caps to mitigate the impact of the COVID-19 crisis; (xii) 1 October 2020, The EIB will invest EUR100 million to support COVID-19 recovery of Croatian SMEs and mid-caps; (xiii) 13 October 2020, EIB approved a EUR1 billion direct lending support for companies and health investment in EU member states most impacted by COVID-19 and a EUR2.1 billion to support private sector investment with global financing partners. 4 December 2020, The EIB will invest EUR162.5 million to support the Hungarian healthcare sector’s response to the COVID-19 pandemic; (xv) 16 December 2020, The EIB approved new financing totaling EUR12.5 billion to support companies impacted by COVID-19, alongside accelerating renewable energy, sustainable transport and urban investment across Europe and around the world. This includes EUR4.1 billion to strengthen public health and private sector resilience to the COVID-19 pandemic. The new EIB financing will support medical and pharmaceutical innovation, including testing and treatment, hospital and public health investment and local business lending programs to help companies in sectors most impacted by the pandemic; (xiv) 16 December 2020, The EIB approved new financing totaling EUR12.5 billion to support companies impacted by COVID-19, alongside accelerating renewable energy, sustainable transport and urban investment across Europe and around the world. This includes EUR4.1 billion to strengthen public health and private sector resilience to the COVID-19 pandemic. The new EIB financing will support medical and pharmaceutical innovation, including testing and treatment, hospital and public health investment and local business lending programs to help companies in sectors most impacted by the pandemic; (xvi) 3 February 2021, The EIB approved EUR1.5 billion new financing for companies and entrepreneurs most impacted by COVID-19 and back public sector investment that would otherwise be delayed by the pandemic; (xvii) 11 March 2021, EUR2.4 billion of new private sector financing to improve access to finance by companies and entrepreneurs; (xviii) 31 March 2021, The EIB will provide in EUR300 million in financing to Banco de Sabadell by providing to expand its capacity to lend to small and medium-sized enterprises (SMEs) and mid-caps hit by the economic impact of the COVID-19 pandemic; (xix) 11 May 2021, The EIB will provide EUR200 million in financing to the City of Madrid to support its vaccination program, health costs and purchase of medical supplies; (xx) 17 June 2021, The EIB has approved EUR1.2 billion financing to support companies in companies in Italy, Spain and Portugal most hit by the COVID-19 pandemic invest, expand and adapt their activities during these challenging times; and corporate research, development and innovation (RDI).
|03B - Forbearance|
|04 - Equity support info_outline||EUR549,000,000||USD607,300,885||
(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 (see item (ii) of Measure 2A).
|05 - Health and income support||EUR14,771,000,000||USD16,339,601,770|
|05A - Health support||EUR9,644,000,000||USD10,668,141,593||
(i) 19 March 2020, The European Commission (EC) 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; (ii) 2 April 2020, The EC presented legislative proposals for an Emergency Support Instrument (ESI) for the healthcare sector, (EUR3 billion) from the EU budget. 11 September 2020, 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 EC will use this money as a down-payment for pre-ordering vaccine doses. 18 September 2020, 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. 30 July 2021, The EC continues to provide further financial support to 6 Member States through the Mobility Package of the Emergency Support Instrument amounting to over EUR14 million, for the transport of COVID-19 vaccination-related equipment and COVID-19 therapeutics [update]; (iii) 29 July 2020, EUR63 million, EC secures EU access to Remdesivir (first European treatment authorized for COVID-19); (iv) No amount/estimate: 8 October 2020, The EC approved a third contract with a pharmaceutical company, Janssen Pharmaceutica NV, one of the Janssen Pharmaceutical Companies of Johnson & Johnson; (v) 13 October 2020, EIB is providing EUR50 million to the Autonomous Community of Navarre, Spain to strengthen its capacity to respond to the COVID-19 health crisis. The EU bank financing will enable the Spanish region to adapt its healthcare infrastructure to meet the additional costs generated by the pandemic; (vi) No amount/estimate: 11 November 2020, In order to step up the fight against the COVID-19 pandemic and future health emergencies, The EC is taking the first steps towards building the European Health Union. The Commission is putting forward a set of proposals to strengthen the EU's health security framework, and to reinforce the crisis preparedness and response role of key EU agencies; (vii) No amount/estimate: 17 November 2020, The EC approves a fifth contract with CureVac for the initial purchase of 225 million doses of potential vaccine; (viii) No amount/estimate: 25 November 2020, The EC approved a sixth contract under the EU Vaccines Strategy, with the pharmaceutical company Moderna. The contract provides for the initial purchase of 80 million doses on behalf of all EU Member States; (ix) No amount/estimate: 7 December 2020: The Council of Europe adopted amendments to the directive on the common system of value added tax (VAT) to allow member states to temporarily exempt COVID-19 vaccines and testing kits, as well as closely related services, from VAT; (x) 11 January 2021, The EC supports blood services to increase COVID-19 convalescent plasma collection with grants amounting to EUR36 million financed through the ESI; (xi) No amount/estimate: 12 January 2021, The EC concluded exploratory talks with the pharmaceutical company Valneva with a view to purchasing its potential vaccine against COVID-19. The envisaged contract with Valneva would provide for the possibility for all EU Member States to purchase together 30 million doses, and they could further purchase up to 30 million more doses; (xii) No amount/estimate: 17 February 2021, The EC approves second contract with Moderna to ensure up to additional 300 million doses; (xiii) 25 February 2021, EUR225 million for the HERA (Health Emergency Preparedness and Response Authority) Incubator, Europe’s bio-defense preparedness plan against COVID-19 variants (for details on the HERA Incubator, see: http://bit.ly/37qanXl). The plan received strong support from leaders of the Member States. 25 March 2021, To speed up the authorization of adapted COVID-19 vaccines, the EC will make provisions in the HERA Incubator to allow companies to focus on gathering the necessary evidence in time and enable the authorization of adapted vaccines with a smaller set of additional data submitted to the European Medicines Agency (EMA); (xiv) 9 March 2021, EUR5.1 billion for the EU4Health program in response to COVID-19. EU4Health will provide funding to EU countries, health organizations and NGOs; (xv) No amount/estimate: 10 March 2021, The EC has reached an agreement with BioNTech-Pfizer for the supply of four million more doses of COVID-19 vaccines for Member States in the next two weeks in order to tackle coronavirus hotspots and to facilitate free border movement; (xvi) 6 May 2021, The EC is proposing a total of EUR142 million investment for the EU Therapeutics Strategy, which will complements the EU Vaccines Strategy, to support the development and availability of much-needed COVID-19 therapeutics, including for the treatment of ‘long COVID' (For details, see: https://bit.ly/2RKOGfC); (xvii) No amount/estimate: 20 May 2021, The EC signs a third contract with BioNTech-Pfizer for an additional 1.8 billion doses of vaccines; (xviii) No amount/estimate: 28 May 2021, EMA’s human medicines committee (CHMP) has recommended granting an extension of indication for the COVID-19 vaccine Comirnaty to include use in children aged 12 to 15. The vaccine is already approved for use in adults and adolescents aged 16 and above; (xix) No amount/estimate: 29 June 2021, The EU Strategy on COVID-19 Therapeutics announced the first portfolio of five therapeutics that could soon be available to treat patients across the EU. Four of these therapeutics are monoclonal antibodies under rolling review by the European Medicines Agency. Another one is an immunosuppressant, which has a marketing authorization that could be extended to include the treatment of COVID-19 patients; (xx) The EC has approved its seventh Advanced Purchase Agreement (APA) with Novavax to be able to purchase up to 100 million doses of the Novavax vaccine, with an option for 100 million additional doses over the course of 2021, 2022, and 2023, once reviewed and approved by EMA as safe and effective [update].
|05B - Income support||EUR327,000,000||USD361,725,664|
|05B1 - Tax and contribution deferrals and policy changes|
|05B2 - Tax and contribution rates reduction||
No amount/estimate: 12 April 2021, The EC proposes to exempt vital goods and services distributed by the EU from VAT.
|05B3 - Subsidies to individuals and households||EUR179,000,000||USD198,008,850||
(i) 27 March 2020, Mobilized European Globalisation Adjustment Fund to support dismissed workers and those self-employed (up to EUR179 million available in 2020); (ii) 27 April 2021, The EC proposes EUR3.7 million from the European Globalization Adjustment Fund (EGF) to support nearly 1,500 dismissed airport workers in Belgium; (iii) 6 May 2021, The EC proposes to support 1,200 former workers of KLM in the Netherlands and 500 former workers of Finnair in Finland, who lost their jobs due to the impact of the COVID-19 crisis. EUR5 million for KLM and EUR1.8 million for Finnair will be provided from the EGF.
|05B4 - Subsidies to businesses||EUR148,000,000||USD163,716,814||
(i) No amount/estimate: 19 March 2020, Euuropean Commission (EC) intends to allow State aid for struggling businesses and enable Member States to use the full flexibility foreseen under State aid rules. On 8 May 2020, The EC 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. 29 June 2020, 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. 13 October 2020, EC has decided to prolong and extend the scope of the State aid Temporary Framework adopted on 19 March 2020 to support the economy in the context of the coronavirus outbreak. All sections of the Temporary Framework are prolonged for six months until 30 June 2021, and the section to enable recapitalization support is prolonged for three months until 30 September 2021; (ii) 8 June 2020, European Innovation Council (EIC) Accelerator Pilot fund issued grants of EUR148 million to innovative companies; (iii) No amount/estimate: 5 May 2021, The EC updates the EU Industrial Strategy to ensure that its industrial ambition takes full account of the new circumstances following the COVID-19 crisis and helps to drive the transformation to a more sustainable, digital, resilient and globally competitive economy. It proposes new measures to strengthen the resilience of EU’s Single Market, especially in times of crisis.
|05B5 - Indirect income support|
|05B6 - No breakdown (income support)|
|05C - No breakdown (health and income support)||EUR4,800,000,000||USD5,309,734,513||
(i) June 2020, 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.
|06 - Budget reallocation info_outline||EUR1,070,000,000||USD1,183,628,319||
March 2020, 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. 28 December 2020, The EC adopted a package of EUR70 million under the Instrument for Pre-Accession (IPA II) to help fund the access of Western Balkans partners to COVID-19 vaccines procured by EU Member States.
|07 - Central bank financing government|
|07A - Direct lending and reserve drawdown|
|07B - Secondary purchase: government securities|
|08 - International Assistance Received|
|08A - Swaps info_outline|
|08B - International loans/grants|
|08B1 - Asian Development Bank|
|08B2 - Other|
|09 - International Assistance Provided||EUR859,339,640,822||USD950,596,947,811|
|09A - Swaps info_outline|
|09B - International loans/grants||EUR859,339,640,822||USD950,596,947,811||
For EU member states: (i) 13 March 2020, EUR800 million of the EU Solidarity Fund (EUSF) 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. 11 March 2021, The EC is putting forward a package of almost EUR530 million as additional financial support under the EUSF to contribute to the efforts deployed by 17 Member States and 3 accession countries to safeguard public health in fighting the coronavirus; (ii) 16 March 2020, 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 2020, 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. 11 September 2020, 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. 23 September 2020, the EC has approved the modification of nine more Cohesion policy operational programs 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. 21 October 2020, EUR1 billion of EU Cohesion policy to support Portugal's recovery redirected to COVID programs; (iii) 2 April 2020, EUR100 billion to finance the short-term unemployment mechanisms through the loans provided by the EU Commission to EU member states (SURE mechanism) backed by EUR25 billion of guarantees voluntarily committed by Member States to the EU budget; (iv) 9 April 2020, 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 EUR240 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. 15 May 2020, the Board of Governors of the ESM approved the establishment of Pandemic Crisis Support. 20 May 2020, 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). 24 August 2020, The EC 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 favorable 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. 25 September 2020, EU Council approves the EUR87.4 billion in financial support for member states under SURE. 27 October 2020, The EC has disbursed a total of EUR17 billion to four Member States in the first installment of financial support under the SURE instrument. 1 December 2020, The EU has disbursed EUR8.5 billion in the third instalment of financial support to five Member States under the SURE instrument. 2 February 2021, The EC has disbursed EUR14 billion to nine Member States in the fourth installment of financial support to Member States under the SURE instrument. 16 March 2021, The EC has disbursed EUR9 billion to 7 EU Member States in the fifth installment of financial support to Member States under the SURE instrument. 30 March 2021, The EC has disbursed EUR13 billion to six EU Member States in the sixth instalment of financial support under the SURE instrument. 25 May 2021, The EC has disbursed EUR14.137 billion to 12 EU Member States in the seventh instalment of financial support under the SURE instrument; (v) 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 competencies 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 mobilize 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; (vi) 9 September 2020, EIB made available EUR650 million to the Polish Ministry of Finance to support the country’s efforts in combating the pandemic; (vii) 21 September 2020, EIB expects to provide more than EUR1 billion to support new COVID-19 and Brexit business financing programs, climate action and education investment in Ireland in 2020 and work closely with Irish authorities to implement the National Recovery Plan; (viii) 30 September 2020, EIB and Fund FLAG have signed a EUR25 million loan to promote urban regeneration and rehabilitation in cities across Bulgaria. Fund FLAG will match the loan amount with EUR25 million of its own resources and channel the total EUR50 million to municipalities, municipal enterprises and other institutions responsible for providing public services; (ix) 20 November 2020, EIB and Croatian Bank for Reconstruction and Development (HBOR) create a new EUR142.5 million credit line to support faster recovery of Croatian SMEs from COVID-19; (x) As of 23 December 2020, France gets EUR866.8 million, Germany gets EUR709.6 million from European agricultural fund for rural development (EAFRD) of NextGenerationEU; (xi) As of 23 December 2020, France gets EUR3.105 million, Germany gets EUR1.894 million from REACT-EU of NextGenerationEU; (xii) 20 April 2021, The EIB agrees to a EUR250 million loan for the construction of a new regional hospital in Iasi and confirms future support for healthcare investment across Romania; (xiii) 27 May 2021, The EIB and Bank Gospodarstwa Krajowego (BGK) have jointly launched a credit line which will allow local governments of medium-sized cities in Poland to borrow from a loan facility worth EUR157 million; (xiv) 23 June 2021, The EIB has formally agreed EUR400 million support to enable the Hellenic Development Bank to create new financing tools that will make it easier for more SMEs and larger enterprises in Greece to access funding that will drive their growth; (xv) As of 23 July 2021, The EC has endorsed the recovery and resilience plans of a number of countries. A total of EUR353.7172 billion in loans and grants from the Recovery and Resilience Facility (RRF) of the NextGenerationEU will be received by the following ADB member countries: Germany (EUR25.6B), France (EUR39.4B), Denmark (EUR1.55B), Portugal (EUR16.6B), Austria (EUR3.5B), Belgium (EUR5.9B), Italy (EUR191.5B), and Spain (EUR69.5B); For Non-EU Member States: (i) 31 March 2020, Added a new package of almost EUR240 million to the EU Regional Trust Fund in Response to the Syrian Crisis; (ii) 11 April 2020, 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 neighborhood, with special emphasis on Africa, and also in the Pacific, in Latin America and the Caribbean. 8 June 2020, The overall figure of the “Team Europe” package reaches almost EUR36 billion (details: https://bit.ly/2Qlm38b). 24 November 2020, The overall figure of the “Team Europe” package reaches almost EUR38.5 billion (details: https://bit.ly/3ftSDiL). 8 April 2021, Team Europe package now stands at over EUR40 billion (as of 1 January 2021, actual amount is EUR40.468 billion, see: https://bit.ly/3fYwrh4), out of which more than EUR26 billion have been actually disbursed; (iii) June 2020, 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 neighborhood and Africa; (iv) July 2020, 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; (v) 16 July 2020, EUR15 million humanitarian funding for Haiti; (vi) 20 July 2020, 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) 3 August 2020, 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) 11 August 2020, EUR3 billion macro-financial assistance (MFA) programs for ten enlargement and neighborhood 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 favorable terms to help these countries cover their immediate, urgent financing needs; (ix) 31 August 2020, EU provides Solomon Islands EUR8 million to heighten service delivery of Provincial Governments; (x) 31 August 2020, The EC has confirmed its interest to participate in the COVAX Facility for equitable access to affordable COVID-19 vaccines everywhere, for everyone who needs them. EU’s contribution to the COVAX is funded from Team Europe (See: https://bit.ly/3pUwknP). 18 September 2020, The European Commission confirmed its participation in the COVAX Facility for equitable access to affordable COVID-19 vaccines. 12 November 2020, The European Union has announced that it will contribute an additional EUR100 million in grant funding to support the COVAX Facility to secure access to the future COVID-19 vaccine in low and middle-income countries. 15 December 2020, Team Europe contributes EUR500 million to COVAX initiative to provide one billion COVID-19 vaccine doses for low- and middle-income countries. 19 February 2021, (a) The EU allocates an additional EUR500 million for the COVAX Facility, doubling its contribution to date for the global initiative that is leading efforts to secure fair and equitable access to safe and effective COVID-19 vaccines in low and middle-income countries; (b) The EC allocates EUR100 million in humanitarian assistance to support the rollout of vaccination campaigns in Africa; (c) The EC commits EUR300 million to the COVAX Advance Market Commitment (AMC), the financing instrument that supports the participation of 92 low- and middle-income economies in the COVAX Facility – enabling access to donor-funded doses of safe and effective COVID-19 vaccines. The AMC, combined with additional support for country readiness and delivery, will make sure the most vulnerable in all countries can be protected in the short term, regardless of income level. 12 May 2021, EIB will provide an additional EUR200 million to Team Europe support for COVAX and scale up access to COVID-19 vaccines; (xi) 6 September 2020, 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; (xii) 16 September 2020, EIB and Morocco’s Crédit Agricole du Maroc sign a EUR200 million financing agreement to support agricultural ecosystems; (xiii) 13 October 2020, EIB approved EUR1.3 billion loans to transform access to clean energy and water in Europe and Africa; EUR381 million to improve sustainable transport in Poland and Ukraine; and EUR764 million for education, health, social housing and urban Development; (xiv) 30 October 2020, EU's EUR8.1 million in humanitarian aid for the Philippines, Nepal, and countries in the South-East Asian region to support those affected by the coronavirus pandemic, natural disasters, and the consequences of man-made conflicts. Funding from this aid package will go for humanitarian and disaster preparedness projects in the Philippines (EUR2.51 million), Nepal (EUR2 million), and regional South-East Asia (EUR3.5 million); (xv) 6 November 2020, The EU has approved an additional EUR17.2 million through the EU Emergency Trust Fund for Africa (EUTF) to support coronavirus preparedness in Somalia, Sudan and South Sudan; (xvi) 10 November 2020, The EC welcomed the commitment by the Western Balkan leaders to further strengthen regional cooperation as a way to advance on their European path. The initiatives will be supported by the Economic and Investment Plan for the Western Balkans adopted by the EC on 6 October 2020 which aims to mobilize up to EUR9 billion of EU grants to speed up the region's socio-economic recovery from the COVID-19 pandemic and to accelerate its economic convergence with the EU; (xvii) 11 November 2020, EU program amounting to EUR93 million designed to mitigate the drastic economic effects of the COVID-19 pandemic on employees in the textile sector, an important industry in Bangladesh. Germany's Federal Ministry for Economic Cooperation and Development (BMZ), KfW contributed EUR20 million to this program; (xviii) 7 December 2020, The European Centre for Disease Prevention and Control (ECDC) and the Africa Centers for Disease Control and Prevention (Africa CDC) launched a four-year project ‘EU for health security in Africa: ECDC for Africa CDC to strengthen the capacity of Africa CDC to prepare for and respond to public health threats in Africa. Funded under the European Development Fund, the project includes a contribution agreement with ECDC of EUR9 million and a complementary grant to Africa CDC of EUR1 million to cover staffing costs. This agreement will come into effect on 1 January 2021; (xix) 18 December 2020, Following a request for assistance from Serbia, the EU sent 500,000 FFP2 and FFP3 protective facemasks, 540,000 medical gloves, 49,200 protective overalls, 49,200 cover shoes for overalls, and 5,500 goggles from the rescEU medical equipment reserve hosted in Greece. The EC finances 100% of the assets, including storage and transport; (xx) 23 December 2020, the European Union has disbursed EUR169 million of the COVID-19 support package for Morocco to help the authorities beef up the medical response to the coronavirus pandemic and put in place measures to mitigate its socio-economic impact; (xxi) 28 December 2020, The EC adopted a package of EUR70 million under the Instrument for Pre-Accession (IPA II) to help fund the access of Western Balkans partners to COVID-19 vaccines procured by EU Member States; (xxii) 18 January 2021, The EU and World Vision launched the project "Working Together" worth EUR1 million to contribute to limiting the spread of COVID-19 and reduce its negative impact on the vulnerable population in Mongolia (i.e. Sukhbaatar, Bayanzurkh and Songinokhairkhan districts, and Uvurkhangai, Bayan-Ulgii provinces), particularly mothers, children, and people under medical observation; (xxiii) 11 February 2021, The EU and WHO launched a new program worth EUR40 million to provide critical assistance to ensure local readiness and preparedness for safe and effective vaccination of the population in each of the six Eastern Partnership (EaP) countries. 10 August 2021, As part of the EU's efforts to support vaccination in partner countries, the EC increased from its assistance package to EUR75 million to deploy safe and effective COVID-19 vaccines and speed up the vaccination campaigns in the six EaP countries [update]; (xxiv) 19 February 2021, The EBRD is providing USD100 million in new funds to Denizbank A.S. to finance companies’ investments in green technologies and support women-led businesses as the COIVD-19 pandemic continues; (xxv) 19 February 2021, The EU in partnership with the WHO has launched a new regional project worth over EUR7 million to support safe and effective vaccination of the populations across the Western Balkans; (xxvi) 19 February 2021, The EIB is is providing a further EUR200 million in loan guarantees for the Access to COVID-19 Tools (ACT) Accelerator partnership to frontload future payments to speed up the response. Germany committed EUR1.5 billion in grants. The ACT Accelerator is a global collaboration to accelerate development, production, and equitable access to COVID-19 tests, treatments, and vaccines (For details: https://bit.ly/2PJbsnE); (xxvii) 3 March 2021, Team Europe (European Union and the EIB) is providing EUR120 million of new support for Equity Bank to support access to finance of Kenyan SMEs (including the agricultural sector) at appropriate conditions. Of the total, EUR100 million are loans from the EIB and EUR20 million are grants from the EU; (xxviii) 19 March 2021, EUR4.5 million (USD5 million) contribution from the European Union has enabled the United Nations World Food Program (WFP) to provide vital support to the global pandemic response by transporting humanitarian staff and cargo needed to fight COVID-19 to destinations all around the world; (xxix) 31 March 2021, The EC proposes EUR4.5 million to support over 5,000 dismissed tourism workers or self-employed in Estonia who lost their jobs or whose activities have ceased as a consequence of the COVID-19 pandemic; (xxx) 5 April 2021, The International Monetary Fund (IMF) received the European Union (EU)'s contribution of SDR141 million (equivalent to EUR170 million or USD199 million) to the Catastrophe Containment and Relief Trust (CCRT), which provides grants for debt service relief to countries hit by catastrophic events, including public health disasters such as COVID-19; (xxxi) No amount/estimate: 20 April 2021, 651,000 BioNTech/Pfizer doses funded by the EC will be delivered to West Balkan countries; (xxxii) 6 May 2021, The EIB has decided to make an immediate donation of EUR250,000 to three NGOs operating in India to help tackle the COVID-19 crisis. The donation will go to Unicef Luxembourg, Red Cross International and Malteser International; (xxxiii) 12 May 2021, The EU has mobilized EUR2 million in humanitarian funding to help contain the explosion in COVID-19 cases in Nepal; (xxxiv) 26 May 2021, The Development Bank of Austria (OeEB) and EIB launch a EUR100 million private sector financing initiative for entrepreneurs and businesses in sub-Saharan Africa most impacted by economic, health and social challenges triggered by COVID-19; (xxxv) 12 July 2021, EUR22 million humanitarian aid to assist those most affected by man-made crises, the COVID-19 pandemic, climate induced and other natural disasters in Iran and Pakistan; (xxxvi) 13 July 2021, The EIB will provide EUR191 million to the Czech-Moravian Guarantee and Development Bank (ČMZRB), to support financing of municipal and regional infrastructure development projects across the Czech Republic; (xxxvii) 21 July 2021, The EIB and the Caribbean Development Bank (CDB) have partnered to provide EUR30 million in financing to Caribbean countries to purchase COVID-19 vaccines and make new healthcare investments; (xxxviii) 16 August 2021, Close to 1.3 million vaccine doses, and almost 8 million face masks, along with antigen tests, ventilators, oxygen concentrators, nursing beds and other vital medical equipment have been already delivered to Tunisia by the EU and its member states via the EU Civil Protection Mechanism. A medical team from Romania arrived on 9 August 2021 in Tunis to provide additional support. The EU has also released EUR0.7 million from its Epidemics Tool [update]; (xxxix) 20 August 2021, The EU will provide EUR41 million to help low and middle-income countries facing an unprecedented health, humanitarian and socio-economic crisis as the COVID-19 pandemic continues to persist, combined with the imbalance in the delivery of vaccines [update].
|10 - No breakdown||EUR422,372,209,178||USD467,225,895,109||
21 July 2020, The NextGenerationEU package of EUR750 billion was jointly agreed with the EU budget for 2021-2027 (amounting to EUR1074.3 billion). It is a specific recovery package designed to deal with the effects of COVID-19, and is additional to the EU budget (For details, see: http://bit.ly/38ZNFqp). Of the total, EUR360 billion refer to loans and its next funds include: Recovery and Resilience Facility (RRF) - the main instrument of the package and will be used by each of the member states (for details, see http://bit.ly/38XbzCK), REACT-EU; Horizon Europe, InvestEU, Rural Development, Just Transition Fund (JTF), and RescEU (See infographics with amounts per fund: http://bit.ly/3qC3mKh). 23 December 2020, with the adoption of the Common Agricultural Plan (CAP) regulation, allocation per country of the EUR8.1 billion European agricultural fund for rural development has been approved. France gets EUR866.8 million, Germany gets EUR709.6 million. 23 December 2020, With the adoption of REACT-EU, allocation per country of the EUR50.6 billion fund has been approved. France gets EUR3.105 million, Germany gets EUR1.894 million. 11 February 2021, The European Council adopted a regulation establishing the Recovery and Resilience Facility, which lies at the heart of the EU’s recovery plan. It will make €672.5 billion at 2018 prices (EUR723.8 billion at current prices) in grants and loans available for public investment and reforms in the 27 member states to help them address the impact of the COVID-19 pandemic, to foster the green and digital transitions and to build resilient and inclusive societies. As of 23 July 2021, The EC has endorsed the recovery and resilience plans of a number of countries. A total of EUR353.55 billion in loans and grants from the Recovery and Resilience Facility (RRF) of the NextGenerationEU will be received by the following ADB member countries: Germany (EUR25.6B), France (EUR39.4B), Denmark (EUR1.55B), Portugal (EUR16.6B), Austria (EUR3.5B), Belgium (EUR5.9B), Italy (EUR191.5B), and Spain (EUR69.5B).
|11 - Other Economic Measures||
(i) March to April 2020, the European Securities and Markets Authority (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) 26 April 2020, Export restriction of critical COVID-related products; (iii) 7 September 2020, ESMA provides for the option to apply the annual transparency calculations for non-equity instruments from 21 September 2020; (iv) 17 September 2020, 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) 25 September 2020, 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; (vi) 13 October 2020, EC has decided to prolong and extend the scope of the State aid Temporary Framework adopted on 19 March 2020 to support the economy in the context of the coronavirus outbreak. All sections of the Temporary Framework are prolonged for six months until 30 June 2021, and the section to enable recapitalization support is prolonged for three months until 30 September 2021. 28 January 2021, The EC prolongs State aid Temporary Framework until 31 December 2021 and decided to expand its scope by increasing the ceilings set out in it and by allowing the conversion of certain repayable instruments into direct grants until the end of next year to support the economy in the context of the coronavirus outbreak; (vii) 19 October 2020, EU hired banks to start selling new 10- and 20-year bonds under the SURE program and under the EU EUR750 billion recovery fund; (viii) 21 October 2020, EC issued a EUR17 billion inaugural social bond under the EU SURE instrument to help protect jobs and keep people in work. The issuing consisted of two bonds, with EUR10 billion due for repayment in October 2030 and EUR7 billion due for repayment in 2040. So far, 17 Member States will receive financial support under the SURE instrument; financial support will be provided in the form of loans granted on favorable terms from the EU to Member States. 27 January 2021, The EC issued a EUR14 billion social bond under the EU SURE instrument to help protect jobs and people in work. The issuing consisted of two bonds, with EUR10 billion due for repayment in June 2028 and EUR4 billion due for repayment in November 2050. These are being passed on directly to the EU Member States; (ix) 13 November 2020, The EC launched the New Consumer Agenda to empower European consumers to play an active role in the green and digital transitions, as well as how to increase consumer protection and resilience during and after the COVID-19 pandemic; (x) 17 December 2020, EU institutions – EC, European Parliament and the European Council - signed the Joint Declaration on legislative priorities for 2021. The Declaration cements the three institutions' commitment to adopt swiftly the necessary legislative proposals to drive the EU's recovery from the COVID-19 pandemic, while seizing the opportunities of the climate and digital transitions; (xi) 10 March 2021, The EC issued a EUR9 billion single tranche bond due in June 2036 under its EU SURE program to protect jobs and workers, and to mitigate the severely negative socio-economic consequences of the coronavirus pandemic. This has been the fifth bond issuance under the program and the second one in 2021; (xii) 4 June 2021, The EU has submitted a proposal seeking the commitment of World Trade Organization (WTO) members for a multilateral trade action plan to expand the production of COVID-19 vaccines and treatments, and ensure universal and fair access; (xiii) 23 July 2021, The EC simplifies rules for State aid combined with EU support and introduces new possibilities to implement aid measures supporting the twin transition and the recovery from coronavirus pandemic [update].
|12 - Non-Economic Measures|
|12A - Measures affecting travel and transport (local and international)||
(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; (v) 3 May 2021, The EC proposes to ease the current restrictions on non-essential travel into the EU to take into account the progress of vaccination campaigns and developments in the epidemiological situation worldwide. As counter-balance, the EC also proposes a new "emergency brake" mechanism which will allow Member States to act quickly and temporarily limit to a strict minimum all travel from affected non-EU countries for the time needed to put in place appropriate sanitary measures; (vi) 12 May 2021, The EC calls on EU Member States to limit essential travel from India; (vii) 20 May 2021, Following the political agreement between the European Parliament and the Council, the EU Digital COVID Certificate will be ready by end of June to facilitate free movement inside the EU. The certificate will be a proof that a person has been vaccinated against COVID-19, received a negative test result or recovered from COVID-19; (viii) 1 June 2021, The technical backbone of the EU Digital COVID Certificate goes live with 7 member states already connected to the gateway and have started issuing EU certificates; (ix) 14 June 2021, The presidents of the European Parliament, the Council of the EU and the European Commission attended the official signing ceremony for the Regulation on the EU Digital COVID Certificate. The EU Digital COVID Certificate facilitates safe and free movement inside the EU during the COVID-19 pandemic. The Regulation will apply for 12 months from 1 July 2021. (x) 14 June 2021, In response to the evolving epidemiological situation, the ongoing vaccination campaigns and the adoption of the EU digital COVID certificate, the EU council recommends that holders of vaccination certificates issued in line with the EU digital COVID certificate regulation should not be subject to testing or quarantine/self-isolation if they are fully vaccinated with an EMA approved vaccine and at least 14 days have passed since full vaccination. Minors should not be required to quarantine/self-isolate if the person accompanying them is not required to. Two additional criteria to be taken into account when considering whether to restrict free movement: the vaccination uptake and the prevalence of COVID-19 variants of concern or interest [update]; (xi) 16 June 2021, Twenty seven (27) EU ambassadors based in Brussels recommended that the region allow nonessential travelers from the following countries and territories: USA, Albania, North Macedonia, Serbia, Lebanon, Taipei,China, Macau and Hong Kong, China.
|12B - Measures affecting business and workplace||
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.
|12C - Others||
(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). 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. 24 March 2021, The EC strengthens transparency and authorization mechanism for exports of COVID-19 vaccines; (v) 29 June 2021, The EC published EU guidelines to ensure the safe resumption of activities in the cultural and creative sectors across the EU. The guidelines aim to provide a coordinated approach in line with the specific national, regional and local conditions.