Marcora for Europe: journal article How Worker-Buyouts Might Help Save Jobs and Build Resilient Businesses Tej Gonza, David Ellerman, Gregor Berkopec, Tea Žgank, Timotej Široka European State Aid Law Quarterly, Volume 20 (2021), Issue 1, Page 61 - 73 The sector of small and medium-sized enterprises is lately under immense pressure due to restrictive governmental response to the COVID-19 pandemic. One of the dominant issues is concerned with financial liquidity – the threat is large-scale insolvency, job losses in thousands, and disappearance of businesses from local communities. There is a time-tested solution in Spain and Italy that provides liquidity to such enterprises in a democratic manner by establishing employee ownership schemes. In addition to saving businesses, employee-owned firms proved to provide more resilient business structures that better withstand crises. Despite the concerns that such an aid scheme meets the indications of a general prohibition of State aid and is thus illegal, the doubts were scattered by the Commission's decision which offered guidance and clarification. Based on good practice, we propose a universal model that could be legislated in most EU Member States. Keywords: COVID-19; SMEs; liquidity constraints; employee ownership; Marcora law; Unico law; economic policy proposal
Judgment By Formula: Regulatory Form and the Differentiation of Fiscal Measures and Non-Fiscal Measures in EU State Aid Law Christopher McMahon