Foreward

The Covid pandemic placed much of the world in a cloud of uncertainty. And while the viral shock has been common to all countries of the world, the economic and social consequences have exposed considerable differences in countrylevel initial conditions such as the quality of health and social care, the importance of social consumption and the coverage of fast broadband. But it has also exposed two aspects of the policy making process: the quality of political decision-making and the space for monetary and fiscal policy to provide temporary support for households and firms. The deployment of monetary and fiscal tools tells us not only about the advantages that advanced economies have but also about the more abrupt and damaging adjustments that many emerging and poorer economies are facing.