EU plans work scheme, aid for farmers, fishermen amid coronavirus pandemic: document
BRUSSELS The European Commission is going to suggest on Thursday a deal of means in helping the EU economy zapped by the coronavirus endemic, were seen at the short-time be effective scheme, less challenging ability to access cash for growers and anglers, and financing for development undertakings.
The Commission wants the EU to analyze a deep economic decline recently as the coronavirus outburst has slowed fiscal work to a move along the twenty two associates governments.
“The depth and the breadth of this crisis requires a response unprecedented in scale, speed and solidarity,” the EU experienced said in a document to remain marketed then Thursday and identified by Reuters prior to the genuine publication.
To prevent company’s from losing workforce if not sufficient enough be effective, the Commission implemented the game EU international locations take the German “Kurzarbeit” scheme under which employers cut working hours, not jobs, and the government would pay for the difference in salaries so that workers retain their spending power.
To finance that, the Commission would borrow 100 billion euros on the markets against EU governments’ guarantees using its triple-A rating and then lend the money on cheaply to the member states, many of which have lower credit ratings.
The document said the Commission would also propose to increase cash advances to farmers under the EU’s Common Agriculture Policy and give them more time to apply for support as well as more time for the claims to be processed.
The EU executive will propose exceptional flexibility in the use of its maritime and fisheries fund to provide support to fishermen for temporary cessation of fishing.
The document said the Commision would also propose to remove any national co-financing normally needed when countries get EU money to build infrastructure projects such as motorways, sewage plants and bridges, making the projects fully paid for by the bloc. Money can also be moved between regions, it said.
“This is an unprecedented push which actually mirrors the requirement for Member States to make use of all right capacity guidance sometimes their residents at this time,” the document said of the decision to waive the co-financing rule.
The proposals must still be approved by the 27 member states, which are feuding over how far to go in supporting their economies.
Southern nations such as Italy, particularly hard-hit by the coronavirus emergency, have called for far-reaching measures such as issuing joint debt but the fiscally conservative north has urged more restraint in rolling out targeted aid schemes.