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Fiscal priorities in Europe amidst pandemic and in the post-Covid19 era

About this event

Christos Staikouras

Minister of Finance - Hellenic Republic

For more than a year, Europe has been facing an unprecedented, multidimensional crisis, due to the COVID-19 pandemic.

A crisis which is characterized by a great deal of uncertainty and which has led the European economy and the national economies to very deep recession – the deepest since World War II – and to a rise in unemployment.

All this has had a great impact on fiscal policy and fiscal priorities in every European country, while Europe has had to tackle this severe crisis and its social and economic consequences rapidly, methodically and in a spirit of solidarity.

Thankfully, Europe’s response did have these characteristics, as far as the creation of new instruments and the activation or/and enhancement of pre-existing ones to respond to the circumstances are concerned. Thus, national governments were significantly assisted in their effort to cope with the need for high public expenditure in order to support households and businesses, despite the much lower public revenue.

Going forward, with an eye to the future and the need for a strong, sustainable and inclusive recovery, it is crucial for Europe to make quick, decisive steps in three key fields:

  • The fastest possible disbursement of funds from the Next Generation EU initiative, and mainly the proper and efficient use of grants from the Recovery and Resilience Facility in a swift, growth-friendly and socially cohesive way.
  • The continuation of fiscal relaxation and the necessary preparation for a soft landing from fiscal relaxation to the gradual and careful return to rules, targets and requirements that will serve fiscal prudence, while sustaining economic activity and protecting employment. This return has to take place in due time, because, according to the European Commission, it will take at least two years until the European economy comes close to regaining its pre-pandemic level.
  • Successfully tackling poverty and inequality, in order to prevent further strain on social cohesion.

Hosted by

  • Team member
    LE T
    L'Equipe Essca

  • Guest speaker
    RR G
    Romain Rieul

  • Guest speaker
    CS G
    Christos Staikouras Minister of Finance @ Hellenic Republic

  • Guest speaker
    AC G
    Augustin Cormouls Houles

  • Guest speaker
    AJ G
    Anne-Claire Jacquet Chargée de communication interne

  • Guest speaker
    GM G
    Gaël Moreau

  • Guest speaker
    G
    Jean Charroin Directeur Général @ Essca

  • Guest speaker
    AB G
    Alexis Bouvet

  • Guest speaker
    MS G
    Meghan Shaw

  • Guest speaker
    TR G
    Toby Roquette

  • Guest speaker
    MR G
    Marios Rozakos Press Office @ Hellenic Republic - Ministry of Finance

  • Guest speaker
    PX G
    Panos Xidonas Professor of Finance @ ESSCA

  • Guest speaker
    PB G
    Pierre Boulle

ESSCA

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