The Commission’s internal memo, dated 7 April, proposed “a joint action among existing crowdfunding platforms” to support the most vulnerable citizens, small businesses and self-employed workers affected by the lockdown.

The EU executive would lead and coordinate the campaign across the bloc including those member states without crowdfunding platforms. The document also explains that the idea is “being informally discussed with the industry”, including a “very positive” preliminary contact with the European Crowdfunding Network, who will follow up with its members. 

The crowdfunding campaign would raise funds from citizens, companies, organisations and philanthropists to contribute alongside the public sector to fight the crisis. It would not be the first innovative pledging effort the Commission would lead during the coronavirus pandemic.  

On 4 May, the EU executive launched a worldwide pledging marathon, with other partners, to finance the development of a vaccine against the COVID-19.  The initiative wanted to raise around €7.5 billion from countries, organisations and companies.  The proposal was part of a document listing urgent actions to mobilise various actors during the COVID-19 crisis, in particular the financial sector. 

Commission officials described the document as part of “internal brainstorming” but added that some of the ideas could be part of a new banking package. 

The banking package, put forward on Tuesday (28 April), will unleash more capital available for loans to companies and households by easing the banking rules. It could unlock around €30 billion in additional loans, which could mobilise extra €450 billion of capital, according to Commission officials.

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