Nostalgia in economics
Strict monetary and fiscal rules do not work at times of economic shock or drastic structural changes
Strict monetary and fiscal rules do not work at times of economic shock or drastic structural changes
Resilience is the fashionable economic objective towards which all the world’s economic powers are converging: growth is no longer the only goal
The single currency is stuck in its international role while the dollar maintains its supremacy
Defining the crisis as an induced economic coma, and not a recession, has allowed for the adoption of a different and sounder strategy
A recovery plan that is as large and generous as necessary needs to be designed, without obsessing over the cost
For now, fiscal policy must continue to prop up activity as much as possible, with the decisive support of monetary policy
The Covid-19 health crisis could become a major economic crisis if the response is not commensurate to the needs
The battle against the coronavirus represents an existential challenge for the eurozone, and member countries must mutualize the solution accordingly