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COVID-19 Response EU Response EU Response to the COVID-19 Pandemic

EU Response to the COVID-19 Pandemic

by Simion & Baciu Law Firm May 7, 2020

Website simionbaciu.ro

  1. The European Investment Bank (EIB) Group is to provide €1.7 billion in support for the social and economic recovery of the Western Balkans from the COVID-19 pandemic. (https://www.eib.org/en/press/all/2020-111-eib-group-to-contribute-eur1-7-billion-to-the-eu-s-covid-19-response-package-for-the-western-balkans) 

  2. ECB takes steps to mitigate impact of possible rating downgrades on collateral availability. (https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200422_1~95e0f62a2b.en.html) 

  3. On May 6 the European Securities and Markets Authority (ESMA)  (the EU’s securities markets regulator) launched a consultation on the functioning of the Small and Medium-sized enterprises (SME) Growth Market regime in the European Union (EU) and on two draft technical standards, introduced by the amendments to the Market Abuse Regulation (MAR) for the promotion of the use of SME Growth Markets. (https://www.esma.europa.eu/press-news/esma-news/esma-consults-sme-growth-markets) 

  4. COVID-19: Asylum applications down by 43% in March, as compared to February. (https://www.easo.europa.eu/news-events/covid-19-asylum-applications-down-march)

  5. Commission proposes extension of time limit for general meetings of “European companies” (SEs) and cooperatives (SCEs). (https://agenceurope.eu/en/bulletin/article/12478/7) 

  6. Interim appeal arrangement for WTO disputes becomes effective as of April 30. On this day, the EU and other WTO members have formally notified the ‘Multi-party interim appeal arbitration arrangement' (MPIA) to the World Trade Organization (WTO). This notification marks the start of the application of the MPIA to disputes arising between the participating WTO members.  (https://trade.ec.europa.eu/doclib/press/index.cfm?id=2143) 

  7. The Governing Council of the European Central Bank (ECB) decided to conduct a new series of seven additional longer-term refinancing operations, called pandemic emergency longer-term refinancing operations (PELTROs). These operations will provide liquidity support to the euro area financial system and contribute to preserving the smooth functioning of money markets by providing an effective backstop after the expiry of the bridge longer-term refinancing operations (LTROs) that have been conducted since March 2020.(https://www.ecb.europa.eu//press/pr/date/2020/html/ecb.pr200430_1~477f400e39.en.html) 

  8. The Governing Council of the European Central Bank (ECB) today decided on a number of modifications to the terms and conditions of its targeted longer-term refinancing operations (TLTRO III) in order to support further the provision of credit to households and firms in the face of the current economic disruption and heightened uncertainty. (https://www.ecb.europa.eu//press/pr/date/2020/html/ecb.pr200430~fa46f38486.en.html) 

  9. The Executive Director of the EUIPO published Decision No EX-20-4, extending until 18 May 2020 all time limits expiring between 1 May 2020 and 17 May 2020, to further support and assist users during the COVID-19 pandemic. (https://euipo.europa.eu/tunnel-web/secure/webdav/guest/document_library/contentPdfs/law_and_practice/decisions_president/EX-20-04_en.pdf) 

  10. To lighten the burden of the coronavirus crisis laying on the shoulders of producers and the dairy industry and not to recreate a "mountains of milk", a voluntary volume reduction scheme at EU level should be proposed which will help reducing the pressure on the milk prices. (https://cor.europa.eu/en/news/Pages/Milk-Regions-call-for-a-volume-reduction-scheme-at-EU-level-.aspx) 

  11. European Commission launches infringement procedure to safeguard the independence of judges in Poland. (https://ec.europa.eu/commission/presscorner/detail/en/ip_20_772) 

  12. The Commission proposes measures to provide relief and flexibility to the transport sector, by adopting a package of measures to support companies in the aviation, rail, maritime and road sectors to deal with the consequences of the coronavirus outbreak. They will ease the regulatory burden and reduce costs for transport companies and may be followed by more proposals in the following weeks. (https://ec.europa.eu/transport/media/news/2020-04-29-coronavirus-package-measures-support-transport-sector_en) 

  13. On April 29 the European Union and Mexico concluded the last outstanding element of the negotiation of their new trade agreement. With this, the EU and Mexico can advance to the signature and ratification of this agreement in line with their respective rules and procedures. (https://ec.europa.eu/commission/presscorner/detail/en/ip_20_756) 

  14. The European Commission has approved a French aid measure consisting of a €5 billion loan guarantee to the Renault group to mitigate the economic impact of the coronavirus outbreak. (https://ec.europa.eu/commission/presscorner/detail/en/IP_20_779) 

  15. The Commission adopted on April 28 a banking package to facilitate lending to households and businesses in the EU. (https://ec.europa.eu/commission/presscorner/detail/en/IP_20_740)

  16. The Spring 2020 Economic Forecast projects that the euro area economy will contract by a record 7¾% in 2020 and grow by 6¼% in 2021. The EU economy is forecast to contract by 7½% in 2020 and grow by around 6% in 2021. (https://ec.europa.eu/info/business-economy-euro/economic-performance-and-forecasts/economic-forecasts/spring-2020-economic-forecast_en#economic-forecast-documents) 

  17. Commission approves €5.2 billion Czech guarantee scheme for loans to large exporting companies affected by coronavirus outbreak. (https://ec.europa.eu/commission/presscorner/detail/en/IP_20_794)

  18. ECB takes note of German Federal Constitutional Court ruling and remains fully committed to its mandate. The Court of Justice of the European Union ruled in December 2018 that the ECB is acting within its price stability mandate. ( https://www.ecb.europa.eu//press/pr/date/2020/html/ecb.pr200505~00a09107a9.en.html)

  19. The current health crisis compels us to tackle the risk of the next long-term EU budget not coming into force on 1 January 2021 with even more urgency, MEPs say, as they demand a safety net for beneficiaries. (https://www.europarl.europa.eu/news/en/press-room/20200430IPR78226/long-term-eu-budget-meps-demand-safety-net-for-beneficiaries)

  20. The exceptional measures to support the agri-food sector announced by the European Commission on April 22 were published on May 4 in the Official Journal of the European Union. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2020:140:TOC)

  21. A deal was agreed on a major project to transport natural gas from the North Sea to Denmark and Poland. (https://www.euronews.com/2020/05/05/baltic-pipe-project-deal-agreed-to-build-gas-pipeline-under-sea-between-denmark-and-poland)     

  22. Italy eased coronavirus restrictions on the 4th of May after two month lockdown. (https://www.euronews.com/2020/05/04/italy-eases-coronavirus-restrictions-after-two-month-lockdown)

  23. Budget airline Ryanair is drawing up plans to cut as many as 3,000 jobs and close bases in Europe, as the airline addresses the massive downturn in business caused by the coronavirus outbreak. (https://www.euronews.com/2020/05/01/ryanair-to-cut-up-to-3-000-jobs-as-o-leary-criticises-manifestly-unfair-french-government)

  24. The world’s economy is unlikely to return to pre-pandemic levels before 2022 at the earliest, the Dutch banking group ING has warned. (https://www.euronews.com/2020/04/30/coronavirus-world-economy-unlikely-to-recover-to-pre-pandemic-levels-before-2022)

  25. Borders between the Baltic states will be opened for the Baltic citizens. (http://lrv.lt/en/news/prime-minister-skvernelis-borders-between-the-baltic-states-will-be-opened-for-the-baltic-citizens)

  26. The European Central Bank shored up the eurozone’s €1 trillion money market with cheap funds to help banks keep up short-term financing for business. The ECB also reduced its lending rates to banks further into negative territory, effectively paying lenders to borrow money. (https://fortune.com/2020/04/30/ecb-negative-interest-rate-bank-loans/) 

  27. China is pushing ahead with a propaganda campaign critical of Western democracies and their handling of the coronavirus, even after protests from Paris and a high-profile diplomatic dispute between Beijing and the EU over Chinese disinformation. (https://www.politico.eu/article/beijing-doubles-down-in-eu-propaganda-battle/)

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