Past Event

The Sound of Economics Live: The macroeconomic policy response to the COVID-19 crisis

Which macroeconomic policy response is the best option to deal with the crisis currently unfolding and will ensure that the recovery will be as quick as possible?

Date: March 31, 2020, 1:00 pm Topic: European Macroeconomics & Governance

video recording

The COVID-19 pandemic intensifies, and Europe has become one of its epicentres. This represents an unprecedented challenge for Europe’s healthcare systems and a major shock for the continent’s economy. The ECB, national fiscal authorities, and the European Commission have already started to announce plans to support the economy and avoid the current crisis turning into a depression. However, given the severity of the situation, some voices are raised among EU countries in support of a common and significant European response to deal with crisis.

Many options are currently discussed in policy and academic circles: ESM credit lines, ‘corona-bonds’, a euro-area Treasury, as well as joint expenditures. What is the best option to deal with the crisis currently unfolding and ensure that the recovery will be as quick as possible?

More information about the topic can be found in our recent blog post.

Speakers

Grégory Claeys

Senior Fellow

Giuseppe Porcaro

Head of Outreach and Governance

Lucrezia Reichlin

Professor of Economics at London Business School

Guntram B. Wolff

Director

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Katja Knezevic

[email protected]

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Credible emerging market central banks could embrace quantitative easing to fight COVID-19

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By: The Sound of Economics Topic: European Macroeconomics & Governance Date: June 25, 2020
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By: Michael Leigh Topic: European Macroeconomics & Governance Date: June 23, 2020
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Testimony at the Committee on EU Policies of the Italian Chamber of Deputies.

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Poorer European Union countries and those hardest hit economically by the COVID-19 crisis could obtain up to 15% of their GNI in grants and guarantees from the EU’s proposed recovery instruments. Yet the proposal would represent a net benefit for all EU countries, even if there is only a small positive economic impact over the long-term. The proposed very long-maturity loans would lead to non-negligible benefits, exceeding 1% of GDP for some countries.

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Blog Post

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Muddled initial reactions to the COVID-19 crisis tarnished the EU’s image in the Western Balkans. Europe should not take for granted the extent of its influence over its backyard in the face of Chinese and Russian charm offensives.

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