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EU financial assistance during COVID-19 pandemic: Are loans the solution?

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BUZKOVÁ Romana NEVEČEŘALOVÁ Nikol

Rok publikování 2021
Druh Článek v odborném periodiku
Časopis / Zdroj Institutiones Administrationis – Journal of Administrative Sciences
Fakulta / Pracoviště MU

Právnická fakulta

Citace
www Open access časopisu
Klíčová slova coronavirus; crisis; European Stability Mechanism; European Union; financial assistance; loans
Popis This article deals with the European Union’s reaction to the COVID-19 pandemic. The current crisis is having a negative impact on national economies. Based on legitimate concerns about the fiscal stability of the euro area and the EU as a whole, the Union has adopted a number of measures to support the Member States. As part of the solution to the coronavirus crisis, we cannot ignore the role of the European Stability Mechanism, in which financial assistance has been earmarked for euro area members. The article focuses on three instruments providing financial assistance in the form of loans: Pandemic Crisis Support, Support to mitigate Unemployment Risks in an Emergency (SURE) and the Pan-European Guarantee Fund. This EUR 540 billion rescue package was agreed by the Eurogroup on 9 April 2020. The article aims to identify the differences between these instruments and their target groups by analysing and comparing their legal bases, conditions and economic impact. As part of the contribution, we also mention countries that are not members of the euro area but have drawn assistance in the form of loans from the mentioned funds.
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