Government action: news in brief
News and views on national government actions to support the recovery and lead nations out of the crisis.
21 May 2020: President Moon Jae-in of South Korea has stressed the need to safeguard jobs and the industrial ecosystem amid the COVID-19 crisis, reports the Korea Times.
20 May 2020: Germany is still reluctant to link stimulus packages with climate targets; reports Euractiv.
18 May 2020: California is now offering support to undocumented immigrants, in the first relief fund of its kind, says CNN.
18 May 2020: France and Germany have agreed to establish a €500bn Recovery Fund at the EU level for solidarity and growth.
18 May 2020: Rome has adopted a new €55 billion stimulus package. The package includes a number of measures to support families, businesses and public health.
18 May 2020: an EU minimum income framework is needed, according to Madrid, Lisbon and Rome. Ministers from the three capitals are said to be calling for a legally binding framework that allows member states to establish basic minimum incomes appropriate for their respective standards of living.
15 May 2020: 'Bold and visionary': MEPs demand 'massive' €2tr EU green recovery package.
15 May 2020: Coronavirus could cost global economy $8.8 trillion, City AM has reported.
14 May 2020: Reuters reports that Germany plans a fiscal splurge despite plunging tax revenues.
14 May 2020: The LSE has published an article that says that the UK investment fund for high-growth firms is a step in the right direction; but this second-wave policy tool to deal with Covid-19 may have design flaws that undermine demand.
13 May 2020: India has unveiled a $60bn credit line for small businesses and lenders hit by the lockdown. The allocation is part of a $266bn fiscal and monetary package.
13 May 2020: The UN has called for ambitious commitments from countries in the way they treat psychological illness, amid a potential global spike in suicides and drug abuse.
13 May 2020: S and P Global has published a report entitled ‘U.S. And China Kick Trade Deal Can Down The Road’. It comments that “trade tension was rising amid political rhetoric, U.S. efforts to relocate supply chains from China, and technology decoupling”.
13 May 2020: Economies across the regions of the European Bank for Reconstruction and Development (EBRD) may contract on average by 3.5 per cent this year, because of the impact of the coronavirus, with a rebound of 4.8 per cent possible in 2021, says an EBRD report.
13 May 2020: EU Commission publishes guidance on how to safely resume travel and reboot Europe's tourism in 2020 and beyond. The aim is to help Member States gradually lift travel restrictions and allow tourism businesses to reopen, after months of lockdown, while respecting necessary health precautions.
10 May 2020: Britons want quality of life indicators to take priority over economy, says a Guardian article, commenting on the results of recent polls. They show that a majority would like ministers to prioritise health and wellbeing over GDP during coronavirus crisis.
4 May 2020: Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change? This is a report freely available from the Oxford Smith School of Enterprise and the Environment.
1 May 2020: A COP26 Universities Network Briefing has been published called A net-zero emissions economic recovery from COVID-19. It says that, collectively, recovery packages will strongly influence whether the global Paris Agreement targets are met.
1 May 2020: The Implications of COVID-19 for the Global Economy is a Euromonitor International webinar that is available to all. The webinar looks at the possible economic outcomes globally and what this means for government policies, businesses and consumer behaviour.