European Fiscal and Monetary Policy Response to COVID-19

European Fiscal and Monetary Policy Response to COVID-19

Trevor Pugh

20 years: Trading & hedge funds

The Covid-19 pandemic changed the situation for many countries and showed what could be achieved when fiscal and monetary policy linked to deal with the crisis. Fiscal policy became very expansionary, backed by central banks engaging in QE and lowering interest rates. The EU was no exception, perhaps realising it had no choice. This video by Trevor provides the monetary and fiscal responses to Covid.

The Covid-19 pandemic changed the situation for many countries and showed what could be achieved when fiscal and monetary policy linked to deal with the crisis. Fiscal policy became very expansionary, backed by central banks engaging in QE and lowering interest rates. The EU was no exception, perhaps realising it had no choice. This video by Trevor provides the monetary and fiscal responses to Covid.

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European Fiscal and Monetary Policy Response to COVID-19

10 mins 13 secs

Overview

In our earlier videos we looked at European Monetary and Fiscal Policy and how fiscal policy was extremely constrained in the Eurozone, in particular due to the Stability and Growth Pact and the limits this put on government deficits. Monetary policy on the other hand has been very generous, with rates below zero in the Eurozone for many years and Quantitative Easing or QE now exceeding 2 trillion Euro. The outbreak of Covid-19 changed this, in particular the fiscal policy approach and in this video we look at how the Eurozone responded to the crisis.

Key learning objectives:

  • What was the fiscal policy response of the EU to Covid?

  • What was the monetary policy response?

  • What is the outlook for the next few years?

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Summary
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