The ministers of the economy of the European Union, meeting on Tuesday for the Ecofin, gave the definitive go-ahead to Sure, the new fund of 100 billion euros which will distribute credit lines to states to finance the integration fund. It will be operational from June XNUMX this year at 31 December 2022, but – on a proposal from the Commission – the European Council will be able to decide to extend the life of the fund: the extension will be for a maximum of six months, but can be repeated if the European economies continue to struggle under the blows of the Covid-19.
In detail, the Sure loans could be used by governments to cover (at least in part) the surge in the public expenditure linked to short-time work schemes and similar measures. At stake is not only the financing of the redundancy fund for employees, but also that of social shock absorbers for self-employed workersas well as certain health measures, particularly in the workplace.
"Sure will be a vital safety net to protect jobs and workers, as it ensures that Member States have the necessary means to finance measures to fight unemployment and income loss", commented the current president of the 'Ecofin Zdravko Maric, Finance Minister and Deputy Prime Minister of Croatia.
Sure is one of the three measures that make up the package of interventions already launched by the Eurogroup and the European Council in response to the crisis triggered by the coronavirus pandemic. The other two pillars are low-interest loans Month (240 billion for direct and indirect health care costs related to the emergency) and new loans from the European Investment Bank (The ) to companies (200 billion).
In all, the three measures hold 540 billion euros. This money will add up to the new one Recovery Fundcurrently under study by the European Commission. On this chapter of the negotiation, the most important, on Monday France and Germany have presented a proposal which provides for the creation of a 500 billion euro fund of non-repayable aid (therefore not loans to be repaid like those of the Mes, Sure and the EIB), procured on the markets through the issue of bonds by the European Commission and destined for Countries most affected by Covid-19.
