At the usual pace of Europe, it went quickly. Within a month, the 27 have managed to set up an emergency aid plan of 540 billion euros, part of the funds of which are already available for the Member States. This is particularly the case for the line of credit of 240 billion euros released by the European Stability Mechanism (ESM), without conditions to benefit from it.
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France does not intend to use this “safety net” for the time being and Rome continues to hesitate, as the organization is viewed negatively for having put bankrupt economies under guardianship like Greece in the past . On the other hand, France will draw on the 100 billion from the Sure device to refinance the partial unemployment mechanisms developed by the Commission. There remain 200 billion business loans facilitated by the European Investment Bank (EIB).
The European Union is playing its credibility in its response to this economic crisis.
Bruno Le MaireWith emergency aid adopted, the 27 finance ministers met by videoconference on Friday
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