Will The Euro Survive The Corona Crisis?
How to get out of this crisis? Member State leaders are meeting tomorrow to answer that question. On the agenda: loans, grants, and more financial measures to combat the economic effects of Covid-19. Studio Europa Maastricht spoke with Clemens Kool, professor of Monetary and Financial Economics, about a monetary union that continues drifting apart. His conclusion? “We haven’t developed sufficient mechanisms to absorb shocks together.”
Across the European Union, the economic shock of Covid-19 has been severe. But its effects have not been not evenly distributed. “That’s partially a matter of luck,” Kool says. “In the Netherlands, it was a combination of carnivals, traditionally held in the winter in the southern regions, and people returning from skiing trips that meant the virus spread quickly in the south. The same regional differences occur everywhere, so you could say Covid-19 is a regional rather than a national problem. The spread of Covid-19 depends on the regional characteristics: is the region densely populated? Is it an industrial center or countryside? How are the demographics? All these factors together determine the first virological and economic impact of the virus.”
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