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COVID-19 Pandemic and Measures Implemented at the Level of European States

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  • Elena Florentina Matei
  • Ioana Manuela Mindrican

Abstract

The COVID-19 pandemic resulting from the SARS-CoV-2 virus spread in a very short time globally, bringing significant consequences to the health of millions of people. At the same time, the pandemic had a strong impact on the global economy by increasing government spending and declining tax revenues that led to worsening macroeconomic indicators and subsequently, the emergence of a new period of recession. In order to support the economy, public authorities have developed and implemented a series of measures and policies that will gradually lead to the improvement of the global economic context and the recovery of the economy in the shortest possible time. Moreover, at the level of the European Union, the authorities were more involved than ever by implementing a new intervention instrument entitled "Next generation EU" through which funds were allocated to European states, and at the same time, it was decided to activate the derogation clause. The Stability and Growth Pact, according to which European states can deviate from the criteria specified in the founding treaties of the European Union, refer to the level of the budget deficit, respectively of government debt as a percentage of gross domestic product. The motivation for choosing this topic is on the one hand the negative impact that this phenomenon has generalized at all socio-political and economic levels, as well as the topicality of the topic debated in contemporary scientific research.

Suggested Citation

  • Elena Florentina Matei & Ioana Manuela Mindrican, 2022. "COVID-19 Pandemic and Measures Implemented at the Level of European States," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 25(84), pages 82-94, December,.
    • Handle: RePEc:rej:journl:v:25:y:2022:i:84:p:82-94
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    References listed on IDEAS

    as
    1. Scott R. Baker & Nicholas Bloom & Steven J. Davis & Stephen J. Terry, 2020. "COVID-Induced Economic Uncertainty," NBER Working Papers 26983, National Bureau of Economic Research, Inc.
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    More about this item

    Keywords

    income; economy; austerity; Next generation EU; COVID-19 pandemic.;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • I15 - Health, Education, and Welfare - - Health - - - Health and Economic Development

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