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 …

of the five countries to the 2008 crisis was countercyclical. On the fiscal side, countries had a larger fiscal space in … indicators and a reduction in financing needs in the years before the crisis. On the monetary side, the capacity to implement … countercyclical responses in future crisis episodes, the fiscal authorities should reverse expansionary measures during good times and …

/paper looks more closely at that episode, dissecting the macroeconomic impact of the coronavirus, viewing it up close through its …