Two weeks ago, we posted a detailed analysis of the coronavirus’ economic impact in which we demonstrated that the pandemic has caused a major exogenous supply-demand shock. This discussion included an exploration of whether the European Central Bank (ECB) should intervene. […]
In the 21st century the world has witnessed five pandemics, including H1N1 in 2009, Severe Acute Respiratory Syndrome (SARS) in 2002, and most recently COVID-19. Evidence suggests that the likelihood of pandemics will only continue to increase due to globalization, urbanization, changes in land use, and greater exploitation of the natural environment. […]
As of May 6, 2020, the COVID-19 pandemic has resulted in over 3.7 million confirmed cases and 259,000 deaths worldwide. Europe has become one of the epicenters of the outbreak, with several European Union (EU) Member States being hit particularly hard. A cross-border threat to public health and safety with significant socioeconomic consequences, the pandemic poses a substantial challenge to the EU. […]
The global spread of Covid-19 not only threatens our health (systems), but it also constitutes a major challenge to the stability of the European Union and reveals unsolved problems. The current crisis demonstrates that national decisions have a global impact. Rapid national lockdowns, a high mortality rate, wildly fluctuating stock markets and constitutional reforms are only some of the negative consequences that have appeared during the recent weeks. […]