An estimated 1.5 to 2.5 million businesses in Europe have been able to keep on their employees during the pandemic - thanks to the European Commission’s SURE instrument, which supports government furlough schemes. In the 18 countries which have received SURE funds, it has helped 25 to 30 million workers keep their jobs during the pandemic. The next step is the EU’s recovery plan - known as Next Generation EU - which is set to follow in the coming weeks. To fund SURE and Next Generation EU, the EU is issuing up to 850 billion euros (900 billion euros in current prices) in bonds over the next 5 years. This is the first time the EU is borrowing on such a large scale, making it the new big player in the sovereign bond market and helping underpin the international position of the euro. Moreover, the EU’s high credit rating combined with its ability to guarantee the debt means that investors are more confident buying EU bonds. The financing includes social and green bonds, meaning the funds serve a truly social or green objective. According to Johannes Hahn, European Commissioner for Budget and Administration, the impact of this financing of at least 800 billion in bonds denominated in euro will be huge, strengthening the euro as a real alternative currency. “And that's why it has also a very strong economic but also political impact,” concludes Hahn.