In 2020, governments all over Europe and beyond enacted unprecedented fiscal stimulus to keep their economies afloat amidst the pandemic. By the end of the year, a country like France will have engaged or guaranteed at least EUR 300 billion, the equivalent of four years of income tax receipts. Institutions of the European Union (EU) also rightly stepped up to the challenge.
Of particular importance has been the response of the European Central Bank (ECB) which launched several bond-purchasing programmes of a total value of EUR 1.85 trillion (the equivalent of the yearly economic production of a country like Italy) to absorb the rising public debt on its balance sheet. By purchasing bonds in exchange of so-called ‘central bank money’, the ECB notably allowed governments with higher debt

In 2020, governments all over Europe and beyond enacted unprecedented fiscal stimulus to keep their economies afloat amidst the pandemic. By the end of the year, a country like France will have engaged or guaranteed at least EUR 300 billion, the equivalent of four years of income tax receipts. Institutions of the European Union (EU) also rightly stepped up to the challenge.Of particular importance has been the response of the European Central Bank (ECB) which launched several bond-purchasing programmes of a total value of EUR 1.85 trillion (the equivalent of the yearly economic production of a country like Italy) to absorb the rising public debt on its balance sheet. By purchasing bonds in exchange of so-called ‘central bank money’, the ECB notably allowed governments with higher debt

In 2020, governments all over Europe and beyond enacted unprecedented fiscal stimulus to keep their economies afloat amidst the pandemic. By the end of the year, a country like France will have engaged or guaranteed at least EUR 300 billion, the equivalent of four years of income tax receipts. Institutions of the European Union (EU) also rightly stepped up to the challenge.Of particular importance has been the response of the European Central Bank (ECB) which launched several bond-purchasing programmes of a total value of EUR 1.85 trillion (the equivalent of the yearly economic production of a country like Italy) to absorb the rising public debt on its balance sheet. By purchasing bonds in exchange of so-called ‘central bank money’, the ECB notably allowed governments with higher debt