EU solidarity and immediate cash availability is essential

The EU heads of state and government will come together in their videoconference to work on solutions to overcome the Covid-19 crisis.

Europe is at risk of huge job losses and a sustained shutdown is likely to lead to bankruptcy and closure of many businesses, particularly SMEs, in both services sectors hit directly by the shutdown and in manufacturing industry.

BusinessEurope President, Pierre Gattaz, said:

"We need solidarity among all EU Member States more than ever and a fully functioning EU Single Market will be essential to overcome this crisis. We must do everything it takes to protect our single currency and all EU Member States should have market access to funds needed for their recovery.

Our response to the current crisis must be more Europe, not less. Every minute now counts and any delays in providing financial rescue to our businesses must be avoided."

BusinessEurope's Director General, Markus J. Beyrer added:

"The EU must get the exit right, based on a coordinated risk-based approach. And the EU must immediately define a clear, ambitious and co-ordinated EU recovery plan with a renewed focus on investment, growth and employment.

Kick-starting the EU economy will require an ambitious and coordinated fiscal stimulus, best delivered through rapidly channelling investment into key strategic areas.

Actions must include an expanded Corona Response Investment Initiative and a rapid agreement on an ambitious new EU multi-annual financial framework with the possibility of a specific European Recovery Fund.

The EU budget must play a greater counter-cyclical role, including investment to support an industrial strategy, fully integrated into the Green Deal."

Ahead of the videoconference, BusinessEurope sent a letter to the President of the European Council and the President of the European Commission. Read the letter here.