The return of fiscal policy: the new EU macroeconomic activism and lessons for future reform
ILO - Geneva
2022
31 p.
economic policy ; fiscal policy ; epidemic disease ; safety management ; economic recovery ; macroeconomics
ILO Working Paper
59
Economics
English
Bibliogr.
"This paper looks at the macroeconomic policy response to the Covid-19 crisis in the European Union (EU) and the prospects for long-term recovery under the Next Generation EU (NGEU) plan. It argues that, unlike what happened following the sovereign debt crisis of 2011-2012, the EU's strong and prompt response to the pandemic took more into account the lessons from the rethinking of macroeconomic theory which started after the Global Financial Crisis, including as it concerns the use of monetary and fiscal policy as macroeconomic and employment stabilizers, the impact of public investments and industrial policy on long term economic growth, and the role of labour market policies and the welfare state. It concludes reviewing the implications for the current debate on the reform of EU economic governance."
Digital
ISBN (PDF) : 9789220369760
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