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Stay informed and connected on the latest COVID-19 developments
In Europe and in the world, unprecedented resources and efforts are focused on actions to tackle the COVID-19 outbreak and mitigate the effects of the crisis. The outbreak poses a serious threat, not only to the global health and wellbeing of citizens, but also to the global economy with potential harmful consequences for commerce and industry.
At AmCham EU, our goal has always been to be a valuable source of information for our members and for our stakeholders. We support our members’ efforts and engagement, as well as provide a forum for sharing best practices that are beneficial to everyone in our network. With this in mind, we have developed this webpage to share information and resources on the COVID-19 outbreak.
AmCham EU is closely monitoring the ongoing COVID-19 crisis. This health emergency will also have profound social and economic implications. Our member companies are facing new challenges as they strive to adapt to the current circumstances. While economists predict we are heading toward a global recession, strong cooperation between government, business and civil society will be essential to weather the storm.
In June the European Commission presented an ambitious recovery plan. There is still a tough balancing act in front of us, which requires management of the short-term economic impact of the health emergency, while laying the foundations for what is coming next. We have prepared sector-by-sector recommendations for the recovery phase that include measures on healthcare, safety of work, fiscal stimulus, the Single Market, and fostering the right digital environment.
In response to the European Commission’s recovery plan which aims to tackle the ripple effects of the COVID-19 crisis on the European economy, AmCham EU released a statement that highlights support for the proposal and calls on Member States to endorse it.
As Europe faces up to the societal challenge of our times, AmCham EU calls on the EU to continue its efforts to mitigate the impact of COVID-19. Solidarity between and beyond Member States, a strengthened Single Market and a return to international cooperation will be the three key pillars in overcoming COVID-19.
AmCham EU wrote a letter to Thierry Breton, Commissioner for the Internal Market, European Commission to emphasise the importance of maintaining global supply chains, and to call for clearer definitions of critical infrastructure at this time of COVID-19 emergency. For AmCham EU, definitions must take into account ICT infrastructure, energy, chemicals, logistics, infrastructure and transportation.
A group of nine business associations has penned a letter to DG TAXUD's Director General, Stephen Quest. It supports the actions already taken by the European Commission to provide guidance for customs authorities on how to manage the crisis. Greater coordination of Member States' actions will also be key to ensure that the EU's customs authorities act in synchrony.
7 April – AmChams in Europe – Solidarity, coordination and action: what we need to fight COVID-19 and protect the economy
AmCham EU co-signed a statement with 44 other American Chambers of Commerce from Europe and Eurasia. AmChams in Europe fully support governments’ efforts to tackle the pandemic and mitigate its effects. The mobilisation of resources has been unprecedented, and we need continued leadership to address the impact of the crisis on society. AmChams in Europe also call on governments to focus on solidarity, coordination and action.
The 2020 edition of the Transatlantic Economy report 2020 stresses the impact the ongoing COVID-19 pandemic will have on both the European and US economies. Despite mounting uncertainty, the 2020 report emphasises that the fundamentals of the transatlantic relationship remain strong, and will likely play a role in the economic recovery to come.
Susan Danger, CEO, AmCham EU, said: ‘We need the US and the EU to work together, with the entire global community, to ensure a coordinated approach to the health emergency caused by COVID-19 and its ripple effects on the economy. Bold action from governments is critical to protect citizens’ health and shield our economies from the impact of a global recession.’ She went on to say: ‘Today’s crisis demonstrates the continued importance of transatlantic cooperation.’
AmCham EU called on the European Commission to support a coordinated response with the Member States to issues related to customs border management and flow of commercial goods.
The European Commission took steps to coordinate a common European response to the global outbreak and limit the spread of the virus and its impact. However, the crisis has also put strain on the European institutions and solidarity amongst Member States, at a time at which cross-border cooperation to tackle a truly global health challenge is more important than ever.
As the crisis evolves, new challenges emerge. Member States must tackle the effects of containment on households and businesses and develop exit strategies to allow for economic activity to start again after weeks of ‘lockdowns’, while continuing to protect the health and security of their citizens. They are helping businesses stay afloat, supporting households and helping to preserve employment. Yet, these are only first steps in tackling broader social and economic aftershocks of the COVID-19 crisis.
The road to the economic recovery will be long. The difficult task ahead for leaders in Europe, and around the world, is to continue to address all these issues simultaneously. There is a tough balancing act ahead of us, which requires management of the short-term economic impact of the health emergency, while laying the foundations for what is coming next.
The EU institutions and the Member States have so far taken unprecedented measures to protect citizens and safeguard the economy. Only with continued cooperation and solidarity the EU can we overcome an emergency of the scale of COVID-19 and head towards economic recovery. For a snapshot of the EU response, see our one pager here.
Below is a summary of the already proposed measures.
Instruments offering financial support to Member States:
- During the special European Council of 17-21 July 2020, EU leaders agreed on a recovery package and on the 2021-2027 budget to help the EU rebuild after the pandemic. This will support investment in the green and digital transitions. Read the results here.
- The Next Generation EU recovery instrument providing support to Member States for €750 bilion. Proposed by the European Commission on the basis of a Franco-German proposal, this instrument is to be approved by the European Parliament and EU Member States.
- Use of the Multiannual Financial Framework to fund an "unprecedented” EU-wide recovery package to support Member States.
- Temporary lifting of State Aid measures to support businesses and workers. Member States can now provide wage subsidies, suspension of payments of corporate taxes and VAT or social contributions.
- Member States decided on the suspension of the Stability and Growth Pact obligations on Monday 23 March, in order to allow billions of euros in extra spending to mitigate the severe economic downturn and fund healthcare systems.
- SURE, a European instrument for temporary Support to mitigate Unemployment Risks in an Emergency. This initiative provides up to €100 billion in total financial assistance to all Member States to compensate the wage losses due to short-time work schemes.
- Strengthening of the European Investment Bank’s activities: the EIB will create a pan-European guarantee fund which could support €200 billion of financing for companies and SMEs.
- Use of the European Stability Mechanism to provide credit to Member States to support domestic healthcare spending conditions, without conditionality attached.
- Use of the European Stability Mechanism to finance Member States’ healthcare spending.
- Creation of an EU Recovery Fund to support the recovering and provide funding to programmes designed to kick-start the economy. The characteristics of the fund are to be defined more specifically by the European Council on 23 April.
- From the EU budget directed at healthcare systems, small and medium-sized enterprises (SMEs) and labour markets funds will be distributed as follows: €37 billion Coronavirus Response Investment Initiative; €29 billion EU structural funds; €8 billion of investment liquidity.
EU Member States play a key role in safeguarding the wellbeing of citizens at these difficult times. The present circumstances have created the necessity for decisive action from governments to protect individuals and support a major economic shock across European countries and beyond.
ES – Spain’s three-part economic recovery: (1) Government will spare no efforts in reducing social and economic consequences of coronavirus; (2) Government to mobilise up to 200 billion euros, almost 20% of GDP; (3) Government adopts 50 new measures to extend protection for most vulnerable groups, companies and independent contractors.
The entire world grapples with the COVID-19 pandemic. Strong international cooperation, including through the G7 and G20, are essential components of an effective response to the health emergency and successful economic recovery.
Trade and trade-related measures: WTO Members notifications on COVID-19 (as of 7 April 2020) :
- Goods measures, as of 18 September 2020
- Services measures, as of 8 September 2020
- Intellectual property measures, as of 18 September 2020
The global health crisis we face today is an unprecedented challenge for our society. Our member companies have taken immediate action to protect employees, but also to ensure, wherever possible, business continuity. American companies are committed to Europe and stand ready to help policy-makers as they steer the region through the crisis.
Our member companies are also doing what they can to help local communities in Europe and around the world. They contribute their skills, capacities and infrastructure to provide resources to respond to the crisis and support health workers.
Take a look at some of their stories here.
Our member companies have developed valuable sources of information featuring analysis, best practices for companies, economic forecasts and thought leadership. Have a look below and find a number of resources that provide insights into the impact of COVID-19.
Cambre Associates - COVID-19 EU bulletin
H&K Strategies - United in Crisis; Marketing in a Pandemic – Part of Our New Reality; COVID-19, or the end of free trade; The COVID-19 pandemic – Navigating the rapidly evolving terrain of China’s new consumer landscape; How COVID-19 Will Change Consumer Behavior + Purchase Patterns; Will COVID-19 contaminate the EU’s Green Deal?
McKinsey & Company - How to restart national economies during the coronavirus crisis
S&P Global - Coronavirus: Economic & Credit Market Implications
Steelcase - The post-COVID workplace
The AmChams in Europe network brings together 45 AmChams from 43 countries across Europe and Eurasia. The AmChams have been responding to the COVID-19 global outbreak through different initiatives that mobilise member companies and networks so as to support governments’ efforts and the overall economic recovery efforts needed. Find out more about these initiatives from the AmChams in Europe LinkedIn page and from the joint statement highlighting the need for solidarity, coordination and action.
- AmCham Belgium - Read here for the key takeaways on how to ‘get back to work, safely and legally’. And click here to read about new Belgian laws regarding foreign workers form outside of the EU.
- AmCham Croatia – AmCham Croatia has published their third set of recommendations for economic relief, you can read them here.
- AmCham Finland – Click here to listen to a podcast hosted by AmCham Finland on how companies can succeed in 2020. Martin Reeves is the special guest of this specific podcast. Martin Reeves leads the BCG Henderson Institute, a think tank for business strategy and management. Martin is also a well-known TED speaker, author and regular contributor to leading management journals.
- AmCham Germany - AmCham Germany has launched a podcast, click here to listen in.
- AmCham Italy – Click here to read AmCham Italy’s Corporate Aid Tracker, focusing on the American companies supporting Italy’s response to the COVID-19 pandemic.
- AmCham Italy – American companies in Italy have already donated more than 49.8 million euros to support the Italian healthcare system. See here.
- AmCham Ireland – AmCham Ireland publishes new report: Make the Bridge Stronger. The report examines the key role played by Irish operations of US companies in diversified global supply chains, the contribution made to Ireland’s economy and society and the role their teams are currently playing in helping Ireland and the global community respond to the COVID-19 pandemic.
- AmCham Latvia – Latvia is officially #aheadofthecurve! Latvia has demonstrated an agile and innovative approach to challenges brought by the COVID-19 pandemic by developing solutions involving society as well as the the private and public sectors. Read more here.
- AmCham Poland – Read here the statement from AmCham Poland about doing business in times of COVID-19.
- AmCham Romania – AmCham Romania Presents the Results of the 2020 Edition of the Business Barometer. Read about it here.
- AmCham Serbia – AmCham Serbia is sharing a document focusing on COVID-19 Recommendations for Business as well as a check list to protect the workforce from the consequences of COVID-19.
- AmCham Slovakia – On Thursday, 17 September 2020 AmCham Slovakia hosted a Women in Business event focusing on the challenges faced by women during the pandemic. More information about the event can be found here.
- AmCham Slovenia – Join AmCham Slovenia’s ‘Coffee to Connect’ – at 10.00, Tuesday through Friday. Find out more here.
- AmCham Sweden – Follow COVID-19 updates from all over the world compiled on the website of AmCham Sweden.
- AmCham Turkey (ABFT) – To explore the COVID-19 portal of AmCham Turkey read here.
- AmCham Ukraine – urged the government of Ukraine to continue with its healthcare reform in. Read the statement in detail here. Click here to read daily updated on COVID-19 from AmCham Ukraine.
Stay up-to-date with the latest COVID-19 developments by checking sources such as:
- The webpage of the European Commission’s coronavirus response team.
- The World Health Organization (WHO) page.
- The specially dedicated webpage of the Centre for Disease Control and Prevention (CDC).
- The US Department of State COVID-19 page.
- The Overseas Security Advisory Council COVID-19 resource page.
- The STEP programme for travel updates.
- The US Chamber of Commerce’s Coronavirus platform, featuring news and tools to support business.
- The EEAS’s EU vs Disinformation dashboard collecting all the disinformation spread by Russia on coronavirus.
- The AmChams in Europe LinkedIn page, including updates from our network and national governments’ activities.
- The United States Customs and Border Patrol (CBP) has established an email to accept private sector inquiries: firstname.lastname@example.org. Companies can use this to inquire about general matters or specific shipments relevant to the COVID-19 pandemic.
Stay up to date with information about COVID-19 from credible, authoritative news sources and public health agencies by following Twitter's live curated coverage here.
Follow the OECD macroeconomic policy response of countries around the world.
For updates related to Belgium, we advise you to register on be.alert to receive the latest updates from Belgian authorities. Guidance from the Belgian government is updated regularly on this website. Please also visit the website of the US Embassy in Belgium here.
Our Business Partners’ Response:
Global Business Alliance: How GBA members are fighting COVID-19.
US Chamber of Commerce: Live blog monitoring the legislative response; Coronavirus Resources and Guides for Small Business; Global Dashboard on COVID-19 Government Policies; US Chamber Foundation Corporate Aid Tracker.
US Council of International Business: Ensuring business continuity during COVID-19.