The European Union (EU) has responded promptly to the unprecedented crisis caused by the COVID-19 pandemic – within, but also beyond its borders. The EU global response to COVID-19 includes quickly reallocating EU support to developing countries to address immediate COVID-19 challenges, amounting to some €20.8 billion. The ‘Team Europe’ approach adopted provides ample opportunities for cooperation and synergies among EU institutions, member states and their development finance institutions, as well as with international actors. These are vital first steps.
Given the global economic contraction resulting from COVID-19, very sharp in Europe as well, the capacity to mobilise public resources is too limited to support the huge emergency and recovery needs of the most vulnerable countries and people. A strategic countercyclical response is required.
Read the paper here.
This blog first appeared on the ECDPM site.
Author: San Bilal, ECDPM.
Image courtesy of Jernej Furman via Flickr.
The views are those of the author and not necessarily those of ETTG.
