ESM’s role in the European response
On 9 April 2020, the euro area finance ministers (Eurogroup) decided on a comprehensive economic policy response to the COVID-19 crisis. Concretely, three important safety nets for workers, businesses and sovereigns are established, amounting to a package worth € 540 billion. The ESM is the safety net for sovereigns and provides a Pandemic Crisis Support. On 23 April, the EU Heads of State of Government (European Council) endorsed this agreement. On 8 May, the Eurogroup agreed on the details attached to this credit line. After national procedures, the credit line was made operational by the ESM Board of Governors (the ESM’s highest decision-making body composed of the 19 euro area finance ministers) on 15 May 2020.
Do you have questions on ESM’s Pandemic Crisis Support? Click here to read our explainer to find out more.
Relevant documents related to Europe’s response to the coronavirus crisis
15 May 2020
11 May 2020
8 May 2020
7 May 2020
23 April 2020
9 April 2020