Does the EU ever learn? : from the financial crisis to the Covid-19 crisis : looking back to move forward

Abstract

The economic policy response to the Covid-19 pandemic broke new ground, in terms of ambition, tools used, and institutional characteristics. This policy brief argues that three sets of factors explain this: our evolving understanding of macroeconomics; the nature of the current crisis; and the policy learning from the financial crisis. It also reviews the emerging institutional landscape at EU level, with its rules-based and institutional features, and assesses critical factors for successful implementation of the Recovery and Resilience Plans at national level.