"This paper provides an overview of the policy measures applied in the EU to address the COVID-19 crisis and their macroeconomic consequences. It focuses on the macroeconomic impact on labour markets, external balances, financial markets and the corporate sector. The paper also examines the impact on longer-term growth and productivity. Impacts on public finances and debt sustainability are analysed independently, with considerations regarding prospective growth, interest rate and inflation developments. As the policy focus transitions from crisis management to a longer-term policy for sustainable growth and well-being, the paper provides policy recommendations. It presents the impact of the crisis on the link between national and EU-level policies, and the universe of feasible options for the architecture and governance of EMU, as well as the future of the fiscal framework going forward."

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ISBN (PDF) : 978-92-846-9235-4