European Economic Recovery Plan
Approved at the EU summit, a program of emergency measures to support the economy of 540 billion euros will begin to function on June 1. It includes three main packages.
Established by the European Commission, the SURE program will spend € 100 billion on targeted compensation to employers so that at least some of them refrain from firing their employees. The European Investment Bank will prepare € 200 billion concessional lending programs to support small and medium-sized enterprises. Through the European stabilization mechanism, euro-zone countries can attract 240 billion euros in borrowed funds, this money can be used as structural assistance to the countries most affected by the pandemic in order to keep them from default in the short term.
"Germany does not support subsidies, for example, in the form of grants. Angelo Merkel stated this unambiguously both publicly and in private conversations, so I think that the basis of this transaction will be loans and, to a lesser extent, grants."
But for a full restart, you need to create a powerful long-term financial assistance tool, we are talking about the allocation of up to two trillion euros. EU leaders can not yet agree on a mechanism for collecting money and the development of the parameters entrusted to the European Commission.
Against this background, Germany said it was ready to significantly increase its financial contribution to the EU budget.