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The fiscal implications of the EU’s recovery package

Author

Listed:
  • Giovannini, Alessandro
  • Hauptmeier, Sebastian
  • Leiner-Killinger, Nadine
  • Valenta, Vilém

Abstract

The EU’s recovery package represents an important milestone in European economic policy integration. The European financial support to be provided is intended to have a meaningful volume in macroeconomic terms, totalling almost 5% of euro area GDP. Moreover, the allocation key ensures stronger macroeconomic support for more vulnerable countries. This coordinated European policy response to COVID-19 is essential to avoid an uneven recovery and economic fragmentation while promoting economic resilience in Member States. Finally, the way that the EU has responded to the crisis also has implications for the implementation and future design of the European governance framework. JEL Classification: F45, E62, H12

Suggested Citation

  • Giovannini, Alessandro & Hauptmeier, Sebastian & Leiner-Killinger, Nadine & Valenta, Vilém, 2020. "The fiscal implications of the EU’s recovery package," Economic Bulletin Boxes, European Central Bank, vol. 6.
    • Handle: RePEc:ecb:ecbbox:2020:0006:8
    Note: 1671843
    as

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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2020/html/ecb.ebbox202006_08~7f90a18630.en.html
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    Citations

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    Cited by:

    1. Debrun, Xavier & Masuch, Klaus & Ferrero, Guiseppe & Vansteenkiste, Isabel & Ferdinandusse, Marien & von Thadden, Leopold & Hauptmeier, Sebastian & Alloza, Mario & Derouen, Chloé & Bańkowski, Krzyszto, 2021. "Monetary-fiscal policy interactions in the euro area," Occasional Paper Series 273, European Central Bank.
    2. Dimitri B. Papadimitriou & Francesco Zezza & Gennaro Zezza, 2020. "When Will Italy Recover?," Economics Strategic Analysis Archive sa_10_20, Levy Economics Institute.

    More about this item

    Keywords

    coronavirus; Economic and Monetary Union; economic policy integration; fiscal policy;
    All these keywords.

    JEL classification:

    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management

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