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Résumé :
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There is no doubt that the Covid crisis represents a challenge for European unity and another crash test for the euro. Europe has been, and will likely remain, one of the most Covid-infected regions in the world and, while doing nothing was not [...]
There is no doubt that the Covid crisis represents a challenge for European unity and another crash test for the euro. Europe has been, and will likely remain, one of the most Covid-infected regions in the world and, while doing nothing was not an option and would itself have disrupted economic activity, the forceful reactions of national governments to the pandemic, through various strategies combining social distancing, testing/quarantining and lockdowns, have triggered an economic crisis at least twice the size of the 2009 crisis. Furthermore, the recovery is likely to be slow due to depressed consumption and investment, and it will require fast reallocations in both the labour market and the capital market.
A small positive observation in this crisis has been the degree of engagement of economists in an intense debate with policymakers on the appropriate responses to ëflatten the economic recession curveí and to safeguard the most impacted groups from the economic fallout of the health crisis.
This eBook is an illustration of the intense effort of the academic community during this time. In a selection of columns, analysis and policy proposals that were published on VoxEU between the end of March and the middle of May 2020 it provides a remarkable example of the response of economists to the unfolding crisis and of the value of VoxEU as the platform for such high quality exchange of views. Within each section, the articles are sorted by their date of appearance, which gives the reader a sense of how the debate progressed over a short period of time.
Agnès Bénassy-Quéré : Professor, Paris School of Economics - University of Paris 1 Panthéon-Sorbonne.
Beatrice Weder di Mauro : Professor of International Economics, Graduate Institute of Geneva [...] ; President, CEPR.
[Présentation par le site internet de l'éditeur, 22 mai 2020]
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Note de contenu :
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Preface
1. Europe in the time of Covid-19 : a new crash test and a new opportunity (Agnès Bénassy-Quéré & Beatrice Weder di Mauro)
Part I. A Europe that protects ?
- Protecting lives :
2. EU solidarity in fighting COVID-19 : state of play, o[...]
Preface
1. Europe in the time of Covid-19 : a new crash test and a new opportunity (Agnès Bénassy-Quéré & Beatrice Weder di Mauro)
Part I. A Europe that protects ?
- Protecting lives :
2. EU solidarity in fighting COVID-19 : state of play, obstacles, citizens' attitudes, and ways forward (Anniek de Ruijter, Roel Beetsma, Brian Burgoon, Francesco Nicoli & Frank Vandenbroucke)
3. The EU needs an independent public health authority to fight pandemics such as the COVID-19 crises (Joan Costa-i-Font)
- Protecting firms :
4. Corporate debt burdens threaten economic recovery after COVID-19 : planning for debt restructuring should start now (Bo Becker, Ulrich Hege & Pierre Mella-Barral)
5. Coronavirus and financial stability 3.0 : try equity – risk sharing for companies, large and small (Arnoud Boot, Elena Carletti, Hans-Helmut Kotz, Jan Pieter Krahnen, Loriana Pelizzon & Marti Subrahmanyam)
6. Corona and financial stability 4.0 : implementing a European pandemic equity fund (Arnoud Boot, Elena Carletti, Hans-Helmut Kotz, Jan Pieter Krahnen, Loriana Pelizzon & Marti Subrahmanyam)
- Protecting workers :
7. The European Commission’s SURE initiative and euro area unemployment re-insurance (Frank Vandenbroucke, László Andor, Roel Beetsma, Brian Burgoon, Georg Fischer, Theresa Kuhn, Chris Luigjes & Francesco Nicoli)
8. Immigrant key workers in Europe : the COVID-19 response that comes from abroad (Francesco Fasani)
- Protecting the Single Market :
9. EU state aid policies in the time of COVID-19 (Massimo Motta & Martin Peitz)
10. The EU recovery fund : an opportunity for change (Massimo Motta & Martin Peitz)
11. Green bridges : reconnecting Europe to avoid economic disaster (Bary Pradelski & Miquel Oliu-Barton)
- Protecting banks :
12. European bank regulators aren’t yet doing what it takes (Ignazio Angeloni)
13. The coronavirus shock to financial stability (Enrico Perotti)
14. IFRS 9 and COVID-19 : delay and freeze the transitional arrangements clock (Jorge Abad & Javier Suarez)
15. Unintended effects of loan guarantees during the Covid-19 crisis (Giorgio Gobbi, Francesco Palazzo & Anatoli Segura)
- Protecting national budgets :
16. COVID-19 : Europe needs a catastrophe relief plan (Agnès Bénassy-Quéré, Ramon Marimon, Jean Pisani-Ferry, Lucrezia Reichlin, Dirk Schoenmaker & Beatrice Weder di Mauro)
17. A progressive European wealth tax to fund the European COVID response (Camille Landais, Emmanuel Saez & Gabriel Zucman)
18. EU solidarity in exceptional times : Corona transfers instead of Coronabonds (Daniel Gros)
19. Coronataxes as a solution (Timo Löyttyniemi)
- Protecting sovereign debts :
20. A proposal for a Covid Credit Line (Agnès Bénassy-Quéré, Arnoud Boot, Antonio Fatás, Marcel Fratzscher, Clemens Fuest, Francesco Giavazzi, Ramon Marimon, Philippe Martin, Jean Pisani-Ferry, Lucrezia Reichlin, Dirk Schoenmaker, Pedro Teles & Beatrice Weder di Mauro)
21. The ESM can finance the COVID fight now (Aitor Erce, Antonio Garcia Pascual & Ramon Marimon)
22. Maturity, seniority and size : make sure the ESM’s pandemic crisis support is fit for purpose ! (Giancarlo Corsetti & Aitor Erce)
Part II. Breaking funding taboos
- From Coronabonds to Recovery fund :
23. COVID-19 : a euro area safe asset and fiscal capacity are needed now (Lorenzo Codogno & Paul van den Noord)
24. Corona bonds : great idea but complicated in reality (Lorenzo Bini Smaghi)
25. ESM loans or Coronabonds : a legal analysis from the German perspective (Julian Pröbstl)
26. Sharing the fiscal burden of the crisis : a Pandemic Solidarity Instrument for the EU (Sebastian Grund, Lucas Guttenberg & Christian Odendahl)
27. COVID-19 economic crisis : Europe needs more than one instrument (Agnès Bénassy-Quéré, Giancarlo Corsetti, Antonio Fatás, Gabriel Felbermayr, Marcel Fratzscher, Clemens Fuest, Francesco Giavazzi, Ramon Marimon, Philippe Martin, Jean Pisani-Ferry, Lucrezia Reichlin, Hélène Rey, Moritz Schularick, Jens Südekum, Pedro Teles, Nicolas Véron & Beatrice Weder di Mauro)
28. The economic, political and moral case for a European fiscal policy response to COVID-19 (Thorsten Beck)
29. Coronabonds : the forgotten history of European Community debt (Sebastian Horn, Josefin Meyer & Christoph Trebesch)
30. Towards a European Reconstruction Fund (Luis Garicano)
31. The EU response to the coronavirus crisis : how to get more bang for the buck (Massimo Bordignon & Guido Tabellini)
32. Perpetual bonds are not the best way to finance the European Recovery Fund (Giancarlo Corsetti, Aitor Erce & Antonio Garcia Pascual)
- From fiscal to monetary :
33. Helicopter money : the time is now (Jordi Galí)
34. Covid Perpetual Eurobonds : jointly guaranteed and supported by the ECB (Francesco Giavazzi & Guido Tabellini)
35. Breaking the taboo : the political economy of COVID-motivated helicopter drops (Eran Yashiv)
36. COVID-19 : OMT is second-best, but still welcome (Lorenzo Codogno & Paul van den Noord)
37. To fight the COVID pandemic, policymakers must move fast and break taboos (Sony Kapoor & Willem Buiter)
38. Make room for fiscal action through debt conversion (Vesa Vihriälä)
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