The European Commission has said it will mobilise up to €100 billion in loans for member states to help companies hold on to staff during the coronavirus pandemic.
The loans will be based on guarantees provided by member states, according to a statement by the European Commission president Ursula von der Leyen. "All member states will be able to make use of this but it will be of particular importance to the hardest-hit," she told a virtual news conference.
The loans are designed to help countries cover the costs of national short-term work schemes and measures put in place for the self-employed, in order to keep employees on companies' books.