COVID-19: Europe needs a catastrophe relief plan

Agnès Benassy-Quere, Ramon Marimon, Jean Pisani-Ferry (), Lucrezia Reichlin, Dirk Schoenmaker and Beatrice Weder Di Mauro
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Ramon Marimon: EUI - European University Institute - Institut Universitaire Européen, CEPR - Center for Economic Policy Research
Jean Pisani-Ferry: EUI - European University Institute - Institut Universitaire Européen, Bruegel - affiliation inconnue
Beatrice Weder Di Mauro: IHEID - Graduate Institute of International and Development studies, CEPR - Center for Economic Policy Research

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Abstract: Beyond its public health dimension, the unfolding coronavirus epidemic also represents a severe economic stress test for Europe that comes from a totally unexpected side. This time, it is primarily a shock to the real economy hitting all European countries more or less equally (time lags will soon become a footnote). The buffers and firewalls put in place after the global financial crisis and the euro crisis have been designed to fight a different sort of crisis, originating in the financial sector or in a particular sovereign. This time is different.

Date: 2020-03
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Published in Richard Baldwin; Beatrice Weder di Mauro. Mitigating the COVID Economic Crisis: Act Fast and Do Whatever It Takes, CEPR Press, pp.121-128, 2020, 978-1-912179-29-9

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Chapter: COVID-19: Europe needs a catastrophe relief plan (2020)
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