# Blog

ESM credit lines, ‘corona-bonds’, Euro-area Treasury, One-off joint expenditures: What are the options for the EU Council?

As the Covid-19 pandemic intensifies and now that Europe has become the epicentre of the pandemic, voices are being raised among EU Member States in support of a common and significant European response to deal with the ...

26th March 2020 by Grégory Claeys, Guntram Wolff 312 views

# podcast

Banks and loan losses in the pandemic turmoil

The current pandemic is shaking the financial system. How can banks react ? Is a consolidation of the financial system in Europe needed in order to respond to this crisis ? Will our economies suffer from this pandemic as...

25th March 2020 by Guntram Wolff 42 views

# Blog, Interviews

Europe needs a Covid-19 Recovery Programme

Our letter to the FT. The COVID-19 pandemic represents an unprecedented challenge for Europe’s healthcare systems, and a major shock for the continent’s economy. After the initial focus on the immediate crisis response m...

25th March 2020 by Grégory Claeys, Simone Tagliapietra, Guntram Wolff 194 views

# Publications

How has the macroeconomic imbalances procedure worked in practice to improve the resilience of the euro area?

This paper shows how the Macroeconomic Imbalances Procedure (MIP) could be streamlined and its underlying conceptual framework clarified. Implementation of the country-specific recommendations is low; their internal cons...

24th March 2020 by Agnes Bénassy-Quéré, Guntram Wolff 47 views

# Interviews, podcast

Corona-Bonds wären ein Zeichen der Solidarität und Stärke

Mein Interview im Deutschlandfunk...

23rd March 2020 by Guntram Wolff 60 views

# podcast

From health crisis to economic crisis and now euro area crisis?

my conversation with Jean Pisani-Ferry and Maria Demertzis...

18th March 2020 by Guntram Wolff 85 views

# Blog

Be bold now: coronavirus, the Eurogroup and fiscal safety nets

This blog post sketches two scenarios: one in which countries provide a large fiscal safety net to companies and another in which they do not. Both lead to similar debt-to-GDP ratios in 2021, but the safety net leads to ...

17th March 2020 by Guntram Wolff 236 views

# Blog, Interviews

A letter to Santa, the G7

This opinion piece was originally published in El País. Since the coronavirus outbreak became a pandemic, markets have plummeted. Global risk aversion has spiked, safe assets have becoming hugely expensive and the dollar...

17th March 2020 by Alicia Garcia-Herrero, Guntram Wolff 114 views

# Publications

An effective economic response to the Coronavirus in Europe

The COVID-19 pandemic represents a major shock to the global and European economy. Most European countries need to take bold quarantine and lock-down measures, as has been done in Italy, to prevent an explosion of the ep...

12th March 2020 by MARIA DEMERTZIS, ANDRÉ SAPIR, SIMONE TAGLIAPIETRA AND GUNTRAM B. WOLFF 120 views

# podcast

Coronavirus: the economic prognosis

The coronavirus is going to hit the global economy hard, but how hard? What can policymakers plan for the months ahead? Nicholas Barrett asks Guntram Wolff and Maria Demertzis about economic symptoms and treatments. &nbs...

10th March 2020 by Guntram Wolff 85 views