Yale School of Management

Posts by EU

Introducing EU Covid-19 Financial Response Tracker

October 8, 2020
In response to the negative impacts of the ongoing COVID-19 pandemic, the European Union (EU) has taken unprecedented steps to bolster its Member States’ economies and assist neighboring countries. This resource guide, compiled and updated based on entries from the YPFS Covid-19 Financial Response Tracker (CFRT), provides summary information on programs enacted by both EU bodies and individual Member States.  Continue reading “Introducing EU Covid-19 Financial Response Tracker ”

European Council finalizes Multiannual Financial Framework and Additional COVID-19 Response Measures

August 13, 2020
On July 21, the European Council unveiled its latest plans for the region’s economic recovery from the ongoing COVID-19 crisis. The hotly debated package contains approximately €1.8 trillion in assistance for EU member states. Council members redesigned and reiterated the package multiple times since discussions began back in late April (see here).  Continue reading “European Council finalizes Multiannual Financial Framework and Additional COVID-19 Response Measures”

Update on ECB's Pandemic Emergency Purchase Programme

June 5, 2020
On March 18, the ECB unveiled a temporary program to purchase up to €750 billion in public and private-sector securities until the “crisis phase” of the COVID-19 crisis is over, but at least until the end of 2020. The Pandemic Emergency Purchase Programme (PEPP) is an expansion of the ECB’s Asset Purchase Programme (APP), a package of asset-purchase measures that the ECB initiated in 2014 to support monetary policy. The PEPP, like the earlier APP, includes programs to buy sovereign debt, covered bonds, asset-backed securities , corporate bonds, and commercial paper. As with the APP, the ECB will make available for lending any securities that it purchases under the PEPP. Continue reading “Update on ECB's Pandemic Emergency Purchase Programme”

EU Expands Temporary Framework For State Aid to Allow Recapitalization

May 14, 2020
On May 8, the European Commission (EC) approved new measures under the Temporary Framework for State Aid, which allow Member States to purchase equity and subordinated debt from non financial companies. The EC will allow recapitalization measures through June 30, 2021, a time period six months longer than other measures under the Temporary Framework. Continue reading “EU Expands Temporary Framework For State Aid to Allow Recapitalization”

EU Programs Supporting non-EU Countries

May 13, 2020
On April 22, the European Commission approved a €3 billion macro-financial assistance (MFA) program to ten neighboring countries outside the European Union for a period of one year to help them cover their immediate financing needs. Like the €20 billion Team Europe strategy announced earlier, this helps demonstrate the EU’s solidarity with other countries in tackling the COVID-19 pandemic. Continue reading “EU Programs Supporting non-EU Countries”