The Fiscal Fight Against COVID-19
Governments should rely on fiscal rather than monetary measures when responding to natural disasters or epidemics such as the new COVID-19 coronavirus. Above all, policymakers must act quickly, and – particularly in the case of Japan – not be swayed by misleading statements regarding the level of public debt.
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TOKYO – As the new COVID-19 coronavirus continues to spread rapidly outside China, medical professionals and policymakers around the world are fighting to contain the outbreak. But what role can or should governments play in this situation – or, for that matter, when natural disasters strike?