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:
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