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COVID-19: Europe needs a catastrophe relief plan

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  • Agnès Bénassy-Quéré

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Ramon Marimon

    (EUI - European University Institute, CEPR - Center for Economic Policy Research - CEPR)

  • Jean Pisani-Ferry

    (EUI - European University Institute, Bruegel - affiliation inconnue)

  • Lucrezia Reichlin

    (London Business School, CEPR - Center for Economic Policy Research - CEPR)

  • Dirk Schoenmaker

    (Erasmus MC - Erasmus University Medical Center [Rotterdam], CEPR - Center for Economic Policy Research - CEPR)

  • Beatrice Weder Di Mauro

    (IHEID - Graduate Institute of International and Development studies, CEPR - Center for Economic Policy Research - CEPR)

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.

Suggested Citation

  • Agnès Bénassy-Quéré & Ramon Marimon & Jean Pisani-Ferry & Lucrezia Reichlin & Dirk Schoenmaker & Beatrice Weder Di Mauro, 2020. "COVID-19: Europe needs a catastrophe relief plan," Post-Print halshs-03230045, HAL.
    • Handle: RePEc:hal:journl:halshs-03230045
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    1. Daniel Gros, 2020. "EU solidarity in exceptional times: Corona transfers instead of Coronabonds," Vox eBook Chapters, in: AgneÌ€s BeÌ nassy-QueÌ reÌ & Beatrice Weder di Mauro (ed.), Europe in the Time of Covid-19, edition 1, volume 1, chapter 1, pages 119-122, Centre for Economic Policy Research.
    2. Sony Kapoor & Willem Buiter, 2020. "To fight the COVID pandemic, policymakers must move fast and break taboos," Vox eBook Chapters, in: AgneÌ€s BeÌ nassy-QueÌ reÌ & Beatrice Weder di Mauro (ed.), Europe in the Time of Covid-19, edition 1, volume 1, chapter 1, pages 250-254, Centre for Economic Policy Research.
    3. Thorsten Beck, 2020. "The economic, political and moral case for a European fiscal policy response to COVID-19," Vox eBook Chapters, in: AgneÌ€s BeÌ nassy-QueÌ reÌ & Beatrice Weder di Mauro (ed.), Europe in the Time of Covid-19, edition 1, volume 1, chapter 1, pages 194-200, Centre for Economic Policy Research.
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    Cited by:

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    2. Đukić Aleksandar & Štaka Mirjana & Drašković Dajana, 2021. "The Impact of the COVID-19 Pandemic on the Macroeconomic Aggregates of the European Union," Economics, Sciendo, vol. 9(2), pages 91-108, December.
    3. Mihaela Onofrei & Anca Florentina Vatamanu & Elena Cigu & Florin Oprea, 2020. "Fiscal-budgetary responsibility and implications on the European budgetary framework in the context of the COVID-19 crisis," Journal of Financial Studies, Institute of Financial Studies, vol. 9(5), pages 24-34, November.
    4. Lilia A. Valitova & Elena R. Sharko & Marina Yu. Sheresheva, 2021. "Identifying industrial clusters based on the analysis of business ties: A case of the textile industry," Upravlenets, Ural State University of Economics, vol. 12(4), pages 59-74, September.
    5. Philipp Pfeiffer & Werner Roeger & Jan in ’t Veld, 2020. "The COVID19-Pandemic in the EU: Macroeconomic Transmission and Economic Policy Response," European Economy - Discussion Papers 127, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    6. McQuinn, Kieran & Varthalitis, Petros, 2020. "Debt sharing after Covid-19: How the direct involvement of EU institutions could impact the recovery path of a member state," Papers WP663, Economic and Social Research Institute (ESRI).
    7. Andrea Boitani & Salvatore Perdichizzi & Chiara Punzo, 2022. "Nonlinearities and expenditure multipliers in the Eurozone [Tales of fiscal adjustment]," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 31(2), pages 552-575.
    8. Marina Sheresheva & Marina Efremova & Lilia Valitova & Anna Polukhina & Georgy Laptev, 2021. "Russian Tourism Enterprises’ Marketing Innovations to Meet the COVID-19 Challenges," Sustainability, MDPI, vol. 13(7), pages 1-17, March.
    9. Cristina PRUND, 2020. "The Abrupt Fall Of The Labor Market: The Case Of The European Labor Market And The Impact Generated By Covid-19," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 14(1), pages 722-730, November.
    10. Pavel Morda, 2020. "Economic policy response to internal and external shocks [Reakce hospodářské politiky na vnitřní a vnější šoky]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2020(1), pages 41-62.
    11. Shaikh Md Mominul Alam & Shariful Islam, 2020. "The Implication of Textile Materials Applied in Preventing the Spread of COVID-19," Biomedical Journal of Scientific & Technical Research, Biomedical Research Network+, LLC, vol. 28(5), pages 22009-22018, July.
    12. Katarzyna Tworek, 2021. "IT Reliability for Ensuring Performance of IT Used in Organizations Operating under Covid-19 Epidemic Crisis," Central European Business Review, Prague University of Economics and Business, vol. 2021(1), pages 39-53.
    13. Andreea-Emanuela Drăgoi, 2020. "Supporting the EU Economy through State Aid during COVID-19 Crisis. A Comparative Approach," Global Economic Observer, "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences;Institute for World Economy of the Romanian Academy, vol. 8(1), pages 11-18, May.
    14. Julio López Laborda & Jorge Onrubia, 2020. "Consideraciones sobre finanzas públicas y COVID–19: Bastantes interrogantes y algunas certezas," Fedea Economy Notes 2020-05, FEDEA.
    15. Anand, Paul, 2020. "Economic Policies for COVID-19," IZA Policy Papers 156, Institute of Labor Economics (IZA).
    16. Ambrocio, Gene & Juselius, Mikael, 2020. "Dealing with the costs of the COVID-19 pandemic – what are the fiscal options?," BoF Economics Review 2/2020, Bank of Finland.
    17. Šimek Libor & Cempírek Václav & Gross Patrik, 2021. "Can B2B Implementation Enhance Competitiveness of Logistic Companies in Coronavirus Economic Recession?," LOGI – Scientific Journal on Transport and Logistics, Sciendo, vol. 12(1), pages 1-12, May.
    18. Chirculescu Maria Felicia, 2022. "The Impact Of The Covid-19 Pandemic On Public Debt At National Level Compared To Other Member States Of The European Union," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 4, pages 165-172, August.

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