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COVID-19 and its economic consequences for the Euro Area

Dirk Ehnts () and Michael Paetz ()
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Michael Paetz: Hamburg University

Eurasian Economic Review, 2021, vol. 11, issue 2, No 1, 227-249

Abstract: Abstract The coronavirus crisis reveals the shortcomings of the Euro Area (EA), which were already evident after the global financial crisis. We show that the self-imposed constraints within the EA have prevented a recovery in the last decade. However, the suspension of the stability and growth pact and recent measures of the European Central Bank have broken the chains. We recommend that national governments make use of their regained sovereignty inside the EMU framework and do not wait for European-wide solutions. In addition, we provide policy proposals consistent with the current EA framework.

Keywords: Fiscal policy; Europe; Covid pandemic; Fiscal coordination (search for similar items in EconPapers)
JEL-codes: E42 E62 E65 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s40822-020-00159-w

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