In line with its statute, the Eurosystem provides credit only against adequate collateral. Typically, collateral refers to marketable financial securities, such as bonds, or other types of assets, such as non-marketable assets or cash. The term “eligible asset” is used for assets that are accepted as collateral by the Eurosystem.

The eligibility of assets is assessed by the national central banks according to the criteria specified in the Eurosystem legal framework for monetary policy instruments. This consists of the “General framework” and the “Temporary framework”. The Temporary framework complements, amends or overrules the General framework.

WASHINGTON—The Federal Reserve said Monday it would create a new program to finance loans that banks and other lenders make through the government’s emergency small-business lending program.

The move will free up financial firms to make more loans guaranteed by the Small Business Administration’s Payroll Protection Program, part of a $2.2 trillion economic relief package President Trump signed last month to help individuals and businesses affected by the coronavirus pandemic.

WASHINGTON—The Federal Reserve said Monday it would create a new program to finance loans that banks and other lenders make through the government’s emergency small-business lending program.

The move will free up financial firms to make more loans guaranteed by the Small Business Administration’s Payroll Protection Program, part of a $2.2 trillion economic relief package President Trump signed last month to help individuals and businesses affected by the coronavirus pandemic.

Member states will provide guarantees to raise up to €100 billion for a new temporary fund to support workers in countries that have been hit hard by coronavirus, such as Italy and Spain, according to the draft proposal seen by EURACTIV.com.

European Commission President Ursula von der Leyen announced on Wednesday (1 April) that the institution will put forward a new instrument for temporary Support to mitigate Unemployment Risks in an Emergency (SURE).

“This is European solidarity in action,” von der Leyen said in a video message posted on Twitter, adding that the new instrument would “save millions of jobs during the crisis and allow us to quickly restart Europe’s economic engine afterwards.”

“The SURE instrument will act as a second line of defence, supporting short-time work schemes and similar measures, to help member states protect jobs and thus employees and self-employed against the risk of unemployment and loss of income,” the document reads.

1) The Corona crisis is not a Black Swan2) Taxpayers are subsidizing companies who failed to have the right precautionary buffers.3) If your portfolio doesn't have a (well designed) tail hedge, it's not a portfolio

Policymakers in many parts of Europe and the United States are struggling to bring the rapidly spreading Covid-19 pandemic under control. In doing so, they are repeating many of the mistakes made in Italy, where the pandemic turned into a disaster. A major contributing factor was the decision-making process at many levels of government. In this article, the authors explore the failings of that process and how other countries can avoid them.

DECISION (EU) 2020/440 OF THE EUROPEAN CENTRAL BANK

of 24 March 2020

on a temporary pandemic emergency purchase programme (ECB/2020/17)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty on the Functioning of the European Union, and in particular the first indent of Article 127(2) thereof,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular to the second subparagraph of Article 12.1 in conjunction with the first indent of Article 3.1, and Article 18.1 thereof,

Whereas: