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Fiscal policy measures adopted since the second wave of the health crisis: the euro area, the United States and the United Kingdom

Author

Listed:
  • Daniel Alonso

    (Banco de España)

  • Alejandro Buesa

    (Banco de España)

  • Carlos Moreno

    (Banco de España)

  • Susana Párraga

    (Banco de España)

  • Francesca Viani

    (Banco de España)

Abstract

The persistence of the health crisis made it necessary for the main advanced economies to approve fresh fiscal measures or extend the terms of those that expired. This paper summarises the main actions taken since autumn 2020 in the main euro area economies (Germany, France, Italy and Spain), the United States and the United Kingdom, supplementing a previous paper (Cuadro-Sáez et al. (2020)) that focused on the measures approved in the first half of 2020. Also, the actions taken within the State aid temporary framework, adopted by the European Commission to provide direct support to the most affected firms and to limit trade and competition distortions in the internal market, are detailed. This set of actions has helped to mitigate the risks associated with an early withdrawal of fiscal stimulus. Notable among the new measures adopted is the additional support for firms in European countries, the direct assistance to households in the United States and the new employment support provisions in the United Kingdom.

Suggested Citation

  • Daniel Alonso & Alejandro Buesa & Carlos Moreno & Susana Párraga & Francesca Viani, 2021. "Fiscal policy measures adopted since the second wave of the health crisis: the euro area, the United States and the United Kingdom," Occasional Papers 2118, Banco de España.
    • Handle: RePEc:bde:opaper:2118e
    as

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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/21/Files/do2118e.pdf
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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/21/Fich/do2118.pdf
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    Citations

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    Cited by:

    1. Júlia Brunet & Susana Párraga, 2021. "Fiscal rebalancing plans in the medium term: the case of the United Kingdom," Economic Bulletin, Banco de España, issue 2/2021.
    2. Alejandro Buesa & Coral García & Iván Kataryniuk & César Martín-Machuca & Susana Moreno & Moritz Roth, 2020. "Brexit: situation and economic consequences," Economic Bulletin, Banco de España, issue 4/2020.
    3. Ana del Río & José Antonio Cuenca, 2020. "Euro area household income and saving during the first wave of the pandemic," Economic Bulletin, Banco de España, issue 4/2020.

    More about this item

    Keywords

    health crisis; fiscal policy; State aid; grants; public loan guarantees; short-time work schemes;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • H00 - Public Economics - - General - - - General
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
    • J08 - Labor and Demographic Economics - - General - - - Labor Economics Policies

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