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Europe: are policymakers doing enough?

Europe Insights - April 2020
20 April 2020
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    Europe: are policymakers doing enough?

    • The recent weeks have proved that, as the crisis evolves, and at each step, the governments and the European Central Bank (ECB) have been able to ramp up measures to contain the economic losses and the financial tensions in the region
    • Eurozone governments launched various safeguard and liquidity measures estimated at 3 per cent of GDP on average. The role of policy makers, both at the national and pan-European levels will be decisive at every step of this health and economic crisis
    • However, the massive increases in debt issuance, and the question of debt sustainability, most acute in the periphery countries (Italy, Spain, Portugal and Greece), but also in France and Belgium, need to be monitored closely
    • Looking forward, the absorption of the COVID-19 costs will depend on the strength of the economic recovery, the financial conditions, and the ability of the eurozone institutions to mutualize national debt

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