SURE Guarantee Act
During the coronavirus pandemic, particularly hard hit EU member states are to receive loans on attractive terms to help them finance short-time work and similar instruments. The Cabinet has now set the wheels in motion for passing the pertinent national legislation in Germany.
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SURE is to finance short-time work in particularly hard hit EU member states
Photo: picture alliance/NurPhoto
SURE is to provide temporary financial support to EU member states to help mitigate unemployment risks related to the COVID-19 outbreak. It provides member states with EU loans on attractive terms, in particular for measures in the field of short-term work and comparable instruments.
Milestone in European solidarity
To finance SURE, the European Commission needs guarantees from all member states in line with the percentage they account for of the EU’s gross income. The draft SURE Guarantee Act now adopted by the Cabinet is to empower the German government to provide this guarantee for Germany’s share of the total.
SURE (temporary support to mitigate unemployment risks in an emergency) is part of a package of measures adopted by the Eurogroup that was adopted by the Council on Tuesday and marks a milestone in European solidarity in the face of the coronavirus crisis. The financial assistance is to support member states that have been particularly hard hit by the pandemic in economic terms.