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THE FISCAL AND MONETARY RESPONSE TO SUPPORTING CREDIT IN THE EU DURING THE COVID-19 CRISIS

Dorina Clichici

Euroinfo, 2021, vol. 5, issue 3, 63-73

Abstract: The COVID-19 crisis has manifested differently from other economic crises, causing an unprecedented economic shock to the European Union (EU) economy. The lockdown measures, widely introduced by Member States in 2020, have differently affected the sectors of the economy, while the new virus has induced a high level of ambiguity about its long-term consequences for the real sector. In this context, in order to avoid the collapse of the real economy and to mitigate the financial shock, the fiscal and monetary response of the European authorities has been broad and prompt. The article summarizes the fiscal measures taken by EU governments and their scale, as well as the response from the monetary authorities to encourage lending and support the real economy.

Keywords: COVID-19 crisis; European Union; fiscal measures; monetary measures; bank lending; non-performing loans (search for similar items in EconPapers)
JEL-codes: E58 G21 G28 H30 (search for similar items in EconPapers)
Date: 2021
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