Coordinated Covid-19 crisis management among EU member states took weeks to develop. The initial response was slow, at times contradictory, frequently displaying nation-state unilateralism and obviously divisive. An unprecedented architecture of fiscal and monetary partnership is now building in Europe. The ECB is taking the lead in this construction process, with national governments asserting their […]
Predictions about the development of the pandemic and the (recessionary) consequences of public health protection measures are, in fact, unreliable. Nevertheless, central banks and national governments have promptly implemented massive programs of monetary easing and fiscal expansion. In the eurozone, in particular, the ECB is adopting a role, which, in a sense, tends to be at […]
The coronavirus pandemic is an unprecedented health crisis with tragic humanitarian consequences. Effective tackling of the pandemic, in both health and economic terms, requires an ambitious fiscal approach. Such an undertaking is a challenge, whose scale is magnified for the Economic and Monetary Union (EMU), which experienced a deep economic crisis in recent years. The […]
