Chapter News

Chapter News

The Coronavirus pandemic and the new world it is creating

23/03/2020 - 18:22 COVID-19 will reshape our world. We don’t yet know when the crisis will end. But we can be sure that by the time it does, our world will look very different. How different will depend on the choices we make today. “COVID-10 will reshape our world. We don’t yet know when the crisis will end. But we can be sure that by the time it does, our world will look very different.” – Josep Borrell,  The COVID-19 crisis is...

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Chapter News

OECD Secretary-General: coronavirus “war” demands joint action

Commits policy support, saying efforts must have “Ambition of Marshall Plan, vision of New Deal” 21/03/2020 - OECD Secretary-General Angel Gurría called today for sweeping joint action by governments to defeat the health, economic, and social threats of the coronavirus (Covid-19) pandemic.  In calling on governments to better coordinate their efforts, Gurría announced that the OECD would channel its efforts into immediate support to policymakers combating the crisis, launching a new online policy hub immediately. “The coronavirus pandemic is a public health...

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Chapter News

Coronavirus: EU countries to get help from Solidarity Fund

The European Parliament is mobilising additional funds to help the EU countries hardest hit by the coronavirus pandemic. In an extraordinary plenary session on Thursday 26 March, MEPs will vote on a European Commission proposal to allow member states to request financial assistance from the EU Solidarity Fund in their fight against Covid-19. The proposal is part of a set of EU measures to mobilise all existing budget resources to help EU countries tackle the pandemic. The Commission proposes to broaden the Solidarity Fund’s scope...

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Chapter News

Questions and Answers on the IMF’s $50 Billion Rapid-Disbursing Emergency Financing Facilities

Last Updated: March 19, 2020 As announced by Managing Director Kristalina Georgieva on March 4, 2020, The IMF stands ready to support vulnerable countries with different lending facilities, including through rapid-disbursing emergency financing, which could amount up to $50 billion for low-income and emerging markets. Of this, $10 billion is available at zero interest for the poorest members through the Rapid Credit Facility. What lending instruments does the IMF have to provide emergency financing to address coronavirus? The IMF has two facilities—the Rapid Credit...

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Chapter News

State aid: Commission adopts Temporary Framework to enable Member States to further support the economy in the COVID-19 outbreak

The European Commission has adopted a Temporary Framework to enable Member States to use the full flexibility foreseen under State aid rules to support the economy in the context of the COVID-19 outbreak. Together with many other support measures that can be used by Member States under the existing State aid rules, the Temporary Framework enables Member States to ensure that sufficient liquidity remains available to businesses of all types and to preserve the continuity of economic activity during and...

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Chapter News

Coordinated central bank action to further enhance the provision of US dollar liquidity

Please see below a a press release from the European Central Bank (ECB): • ECB and other major central banks to offer 7-day US dollar operations on a daily basis • Operations with 84-day maturity continue to be offered weekly • New frequency effective as of 23 March 2020, to remain in place for as long as appropriate to support smooth functioning of US dollar funding markets The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank,...

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Chapter News, New York Related News

NYC Coronavirus Update from NYC Mayor’s Office – March 19

An updated message from NYC Mayor Bill de Blasio’s Office for International Affairs regarding NYC’s response to COVID-19. Thursday, March 19, 2020. Dear Colleagues, As part of our ongoing efforts to keep you informed on the City’s response to COVID-19, the NYC Mayor’s Office for International Affairs is sharing the following information from Mayor Bill de Blasio’s press conference on Thursday, March 19, 2020: Statistics (as of 10 a.m. Thursday): 3,615 confirmed cases of COVID-19 in NYC              ...

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Chapter News, Member News

The new EU legal framework for State aid to support the economy in the current COVID-19 outbreak: flexibility and efficiency

Following the publication of the proposal a few days ago, on 19 March the European Commission adopted the communication introducing a new temporary legal framework for State aid measures to support the economy in the current COVID-19 outbreak. The last time the Commission had adopted a similar temporary framework was during the global financial crisis in 2008. The new rules allow national authorities to take urgent and effective measures to help citizens and companies, especially SMEs, to cope with...

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Chapter News

COVID-19: Commission creates first ever rescEU stockpile of medical equipment

Today, the European Commission has decided to create a strategic rescEU stockpile of medical equipment such as ventilators and protective masks to help EU countries in the context of the COVID-19 pandemic. President Ursula von der Leyen said: “With the first ever common European reserve of emergency medical equipment we put EU solidarity into action. It will benefit all our Member States and all our citizens. Helping one another is the only way forward.” Medical equipment part of the stockpile will include items such as: intensive care...

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