Skip to main content

EU After COVID-19: An Opportunity for Policy Coordination


Despite all the difficulties inherent to our political organisation, the European Union has taken a bold step by doubling the EU budget for the next six years with the NGEU fund.


  • Auerbach A. J., Y. Gorodnichenko, D. Murphy (2019), Local Fiscal Multipliers and Fiscal Spillovers in the United States, NBER Working Papers, 25457.

  • Anderson, J., E. Bergamini, S. Brekelmans, A. Cameron, Z. Darvas, M. Domínguez Jiménez, K. Lenaerts and K. Midões (2020), The fiscal response to the economic fallout from the coronavirus, Bruegel Dataset.

  • Bianchi J., P. Ottonello and I. Presno (2019), Fiscal Stimulus under Sovereign Risk, NBER Working Papers, 26307.

  • Bobeica, E., M. Ciccarelli and I. Vansteenkiste, (2019), The link between labor cost and price inflation in the euro area, ECB Working Paper Series, 2235.

  • Brunnermeier, M. K. and R. Reis (2019), A Crash Course on the Euro Crisis, CFM Discussion Papers, 1915.

  • Canova, F. and E. Pappa (2021), What are the likely macroeconomic effects of the EU Recovery plan?, mimeo.

  • Cloyne, J. S., Ò. Jordà and A. M. Taylor (2020), Decomposing the Fiscal Multiplier, NBER Working Papers, 26939.

  • Cochrane, J. H. (2021), The Fiscal Theory of the Price Level, mimeo. de la Fuente, A. (2021), The economic consequences of Covid in Spain and how to deal with them, Applied Economic Analysis, 29(85), 90–104.

    Google Scholar 

  • Dupor, B. and R. Guerrero (2017), Local and aggregate fiscal policy multipliers, Journal of Monetary Economics, 92(C), 16–30.

    Article  Google Scholar 

  • Díaz, A. (2020), Common Fiscal Capacity Is Needed to Strengthen Risk Sharing, Intereconomics, 55(4), 215–219, (6 July 2021).

    Article  Google Scholar 

  • Díaz, A. (2021), The EU Budget and the Role of Public Goods, CESifo Forum, 22(2), 35–38.

    Google Scholar 

  • European Commission (2020), How could a common safe asset contribute to financial stability and financial integration in the banking union?,∼2b34819f75.en.html#toc1ss (5 July 2021).

  • Farhi, E. and I. Werning (2016), Fiscal Multipliers: Liquidity Traps and Currency Unions, in J. B. Taylor and H. Uhlig (eds.), Handbook of Macroeconomics, volume 2, 2417–2492, Elsevier.

  • International Monetary Fund (2021), Policy Responses to COVID-19, (5 July 2021).

  • Motta, M. and M. Peitz (2020), State Aid Policies to the COVID-19 Shock: Observations and Guiding Principles, Intereconomics, 55(4), 219–222, (6 July 2021).

    Article  Google Scholar 

  • OECD (2020), Tourism Trends and Policies 2020, OECD Publishing. Paduano, S. (2021, 15 June), Stress-testing supply chains is key to a durable global recovery, Financial Times.

  • Persson, T. and G. Tabellini (1996), Federal Fiscal Constitutions: Risk Sharing and Moral Hazard, Econometrica, 64(3), 623–646.

    Article  Google Scholar 

  • Stansbury A. and L. H. Summers (2020), The Declining Worker Power Hypothesis: An explanation for the recent evolution of the American economy, NBER Working Papers, 27193.

Download references

Author information

Authors and Affiliations


Corresponding authors

Correspondence to Antonia Díaz or Luis A. Puch.

Additional information

Antonia Díaz, Universidad Carlos III de Madrid, Spain.

Luis A. Puch, Universidad Complutense de Madrid, Spain.

Rights and permissions

This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (

Open Access funding provided by ZBW — Leibniz Information Centre for Economics.

Reprints and Permissions

About this article

Verify currency and authenticity via CrossMark

Cite this article

Díaz, A., Puch, L.A. EU After COVID-19: An Opportunity for Policy Coordination. Intereconomics 56, 197–200 (2021).

Download citation

  • Published:

  • Issue Date:

  • DOI: