Europe Is Unprepared for the COVID-19 Recession
If there is one European body that has consistently demonstrated its lack of fitness for managing economic crises, it is the Eurogroup of eurozone finance ministers. True to form, it will respond to the COVID-19 crisis with heroic announcements heralding impressive numbers that disguise the irrelevance and timidity of the agreed policies.
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ATHENS – The Eurogroup of eurozone finance ministers is struggling to agree on a macroeconomically significant coordinated fiscal response to the enormous recessionary effects of the COVID-19 pandemic. The result, I fear, will be heroic announcements heralding impressive numbers that disguise the irrelevance and timidity of the agreed policies.