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As the coronavirus pandemic spread across the globe in early 2020, the European Central Bank as well as national … its own. To be effective, measures must be taken by Member States together. A joint crisis mechanism, such as the European …
Persistent link: https://www.econbiz.de/10012231998
This work examines the impacts which the Covid-19 pandemic brought to the stability of the European financial sector. Lockdowns, businesses unable to operate and uncertainty about how the pandemic would evolve fueled a sharp recession. From the lessons learned in the global financial crises and...
Persistent link: https://www.econbiz.de/10013188926
Less economic integration would make it difficult for the ECB to stabilise the euro area economies. Symmetric monetary policy cannot do anything about this and individual countries would need to use fiscal policy tools
Persistent link: https://www.econbiz.de/10012387253
In order to fight the economic consequences of the COVID-19 pandemic, monetary and fiscal policy announced a large variety of support packages which are often unprecedented in size. In this paper, we provide an empirical analysis of the responses of European financial markets to these policy...
Persistent link: https://www.econbiz.de/10012224892
Persistent link: https://www.econbiz.de/10014382749
In this chapter we document fiscal policy developments in the main euro area economies over the last two decades and highlight the dramatic changes triggered by the COVID-19 pandemic. We analyse how euro area yield curves respond to COVID-19 related expectations of fiscal expansion. We show how...
Persistent link: https://www.econbiz.de/10012826723
The COVID-19 pandemic had disastrous effects on health and economic activity worldwide, including in the Euro Area. The application of mandatory lockdowns contributed to a sharp fall in production and a rise in unemployment, inducing an expansionary fiscal and monetary response. Using a uniquely...
Persistent link: https://www.econbiz.de/10013541792
The COVID-19 pandemic had disastrous effects on health and economic activity worldwide, including in the Euro Area. The application of mandatory lockdowns contributed to a sharp fall in production and a rise in unemployment, inducing an expansionary fiscal and monetary response. Using a uniquely...
Persistent link: https://www.econbiz.de/10013455597
Persistent link: https://www.econbiz.de/10014531971
Union (EMU) at large. The health crisis worldwide and the precautions against Covid-19 rapidly induced a demand and supply … recession simultaneously. The Covid-19 crisis was marked as the worst crisis since the Great Depression of the 1930s. It hit the … EMU in an unfortunate moment, when economic growth was already low before the Covid-19 crisis started. The effects of the …
Persistent link: https://www.econbiz.de/10013269485