EU chief proposes Europe-wide unemployment guarantee

The proposal by European Commission chief Ursula von der Leyen is intended to heal a bitter divide among EU member states over how to respond to the severe economic recession that will result from the epidemic.

By   |  Published: 2nd Apr 2020  9:03 pm
European Commission President Ursula von der Leyen holds a news conference detailing EU efforts to limit economic impact of the coronavirus disease (COVID-19) outbreak, in Brussels, Belgium.

Brussels: The EU on Thursday proposed a bloc-wide guarantee that could raise 100 billion euros ($109 billion) to aid strained national unemployment schemes as millions of jobs are hit by efforts to slow the coronavirus outbreak.

The proposal by European Commission boss Ursula von der Leyen is intended to heal a bitter divide among EU member states over how to respond to the severe economic recession that will result from the epidemic.

In the complex scheme, the bloc’s 27 national governments would give a budget to Brussels so the EU executive could raise money on the markets to fund member states struggling to help the unemployed and part-time workers.