Grandstand. Jean Messiha and Frédéric Amoudru return to the mechanisms envisaged at European level to respond to the coronavirus crisis.
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Grandstand. Jean Messiha and Frédéric Amoudru return to the mechanisms envisaged at European level to respond to the coronavirus crisis.
The economic madness brought about by the confinement of half the population of the globe almost everywhere leads to a vertiginous increase in deficits and debts. Europe, and more particularly the Eurozone, is today faced with an immense challenge. Not that of raising hundreds of billions of euros to cushion the shock, of course. On the other hand, managing the growing divergence between the public finances of the Member States will prove to be a major headache.
When the Covid-19 landed on our carefree continent and whose level of preparation was staggering, the economic health of the EU as well as the Eurozone was mixed but slightly improved. Unemployment falling almost everywhere, contained public deficits and, apart from France and Italy, public debt significantly lower than the levels reached after the 2008 crisis.
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With GDP drops which, depending on the country, will be between 5 and 10%, or even beyond, the public deficit in the Eurozone should amount, according to the IMF, to around 7.5% of GDP, or around 900 billion d ‘euros, but with real differences. Among the large countries, Spain and France are expected to take the brunt of the shock: 9.5% and 9.2% of public deficit-GDP respectively. Next comes Italy, whose public deficit will soar to 8.3%. And it is once again Germany which, with 5.5% of GDP deficit, will come out as the big winner or, at least, the least loser of this catastrophe. The debt ratios will, logically, be severely impacted. In France and Spain, this ratio will be around 115%. Italy will reach the appalling figure of (…)
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“data-reactid =” 28 “>Read more on LePoint.fr
“Within the Commission, it would take more Thierry Breton and fewer lawyers”
Arnaud Danjean: “The Commission? A cold and above-ground bureaucracy ”
Music, new manager of Covid-19
Cuisine: Jean-François Piège’s rhubarb pie
Receive the Le Point.fr newsletter
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