Flattening the Recession Curve

While the ongoing pandemic affects all European economies, we show that it is likely to cause much more economic damage in some member states than in others. Early fiscal crisis responses by EU governments do not reflect these differences. If anything, countries which are likely to be especially vulnerable are currently committing fewer fiscal resources to fighting the economic fallout than others. A joint European policy response to share the fiscal burden of this crisis is, therefore, urgently needed.