dc.contributor.author | ERCE DOMINGUEZ, Aitor | |
dc.contributor.author | GARCIA PASCUAL, Antonio | |
dc.contributor.author | MARIMON, Ramon | |
dc.date.accessioned | 2020-04-06T13:07:23Z | |
dc.date.available | 2020-04-06T13:07:23Z | |
dc.date.issued | 2020 | |
dc.identifier.uri | https://hdl.handle.net/1814/66768 | |
dc.description | Published 06 April 2020 | en |
dc.description.abstract | Member states are currently debating how to finance the fight against COVID-19. As time is pressing, practical and readily implementable solutions are needed now. Using the ESM to provide the funds needed is a reasonable and workable way forward. Italy, Spain and other states would benefit from using the ESM access to AAA funding to reinforce their debt dynamics: a combination of loan size, maturity and interest rates would strengthen debt sustainability. This column shows the stabilisation power of an ESM-ECB intervention, using existing instruments and the just announced ESM Rapid Financing Instrument, showing the case of Italy as an example. Combining ECB support with ESM funds would deliver a more resilient euro area, better placed to engage in a post-virus economic recovery. The announced EIB guarantees and the SURE unemployment re-insurance will also help countries. However, these measures are not a supplement, but a complement, to the already feasible ESM financing discussed. | en |
dc.language.iso | en | en |
dc.publisher | CEPR | en |
dc.relation.ispartofseries | VOXEU Article | en |
dc.relation.ispartofseries | 2020 | en |
dc.relation.ispartofseries | [ECO] | en |
dc.relation.ispartofseries | [RSCAS] | en |
dc.relation.uri | https://voxeu.org/article/esm-can-finance-covid-fight-now | en |
dc.rights | info:eu-repo/semantics/openAccess | en |
dc.subject | Covid-19 | en |
dc.subject | COVID-19 | en |
dc.subject | Coronavirus | en |
dc.title | The ESM can finance the COVID fight now | en |
dc.type | Other | en |
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