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Fiscal policy measures adopted since the second wave of the health crisis: the euro area, the United States and the United Kingdom

Daniel Alonso (), Alejandro Buesa, Carlos Moreno (), Susana Parraga Rodriguez () and Francesca Viani ()
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Daniel Alonso: Banco de España
Carlos Moreno: Banco de España

No 2118, Occasional Papers from Banco de España

Abstract: The persistence of the health crisis made it necessary for the main advanced economies to approve fresh fiscal measures or extend the terms of those that expired. This paper summarises the main actions taken since autumn 2020 in the main euro area economies (Germany, France, Italy and Spain), the United States and the United Kingdom, supplementing a previous paper (Cuadro-Sáez et al. (2020)) that focused on the measures approved in the first half of 2020. Also, the actions taken within the State aid temporary framework, adopted by the European Commission to provide direct support to the most affected firms and to limit trade and competition distortions in the internal market, are detailed. This set of actions has helped to mitigate the risks associated with an early withdrawal of fiscal stimulus. Notable among the new measures adopted is the additional support for firms in European countries, the direct assistance to households in the United States and the new employment support provisions in the United Kingdom.

Keywords: health crisis; fiscal policy; State aid; grants; public loan guarantees; short-time work schemes (search for similar items in EconPapers)
JEL-codes: E62 E65 H00 H81 J08 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2021-08
New Economics Papers: this item is included in nep-eec, nep-isf and nep-mac
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Downloads: (external link) ... 21/Files/do2118e.pdf First version, August 2021 (application/pdf) ... s/21/Fich/do2118.pdf Spanish version (application/pdf)

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