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From support to recovery: national fiscal policy in the wake of COVID-19

Summary:
The EU has set ambitious goals for economic recovery: how these recovery funds are spent by member states will be critical to its success. A look into the European framework and the case of Italy. Across the Atlantic, EU member states have been discussing a recovery plan since last spring, striking an agreement over the summer to create a €750 billion pandemic recovery fund. Hard-pressed EU capitals must now submit detailed plans to Brussels to unlock their share of the cash and begin rebooting their economies. One such country is Italy, where an ambitious once in a generation plan is being drawn up to spend €200 billion to relaunch an anemic economy. The hope is that by pushing through unpalatable reforms together with funds underwritten by 27 member states, that an economy that has not

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The EU has set ambitious goals for economic recovery: how these recovery funds are spent by member states will be critical to its success. A look into the European framework and the case of Italy.

Across the Atlantic, EU member states have been discussing a recovery plan since last spring, striking an agreement over the summer to create a €750 billion pandemic recovery fund. Hard-pressed EU capitals must now submit detailed plans to Brussels to unlock their share of the cash and begin rebooting their economies. One such country is Italy, where an ambitious once in a generation plan is being drawn up to spend €200 billion to relaunch an anemic economy. The hope is that by pushing through unpalatable reforms together with funds underwritten by 27 member states, that an economy that has not grown in real terms for over two decades can be jump started. Bruegel has been tracking the national recovery plans that states have been submitting to Brussels to unlock funds, and plans to release an overview soon.

Giuseppe Porcaro is joined by Bruegel scholars Carlo Altomonte, Maria Demertzis and Zsolt Darvas to discuss economic stimulus and its implications.

For more details, please check our dataset on national fiscal response to the economic fallout from the coronavirus.

Bruegel will soon publish a new dataset on national recovery plans. Stay tuned!

Sound Money Economics System was a fringe political party in Manitoba, Canada, during the provincial election of 1941.

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