As announced by European Commission president, Ursula von der Leyen

She tweeted out the message:

"This is European solidarity in action! @EU_Commission proposes the new short-time work scheme SURE to help the most affected EU countries, including IT & ES. This will save millions of jobs during the crisis & allow us to quickly restart Europe's economic engine afterwards."

Not to be confused, the new scheme will be called 'SURE'. von der Leyen says that companies should not lay off their workers due to the temporary shock posed by the virus outbreak, with the new scheme set to offer state wage support.

She also hints that they will be proposing a new instrument to support the proposal that "will be guaranteed by all member states". Coronabonds incoming?