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Pandemics, Climate and Public Finance

How to Strengthen Socio-Economic Resilience across Policy Domains

Stefano Battiston    Università Ca’ Foscari Venezia, Italia; University of Zurich, Swiss    

Monica Billio    Università Ca’ Foscari Venezia, Italia     ORCID iD

Irene Monasterolo    Vienna University of Economics and Business, Austria; Boston University’s Global Development Policy Initiative, US; University of Zurich, Switzerland

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abstract

The outbreak of COVID-19 and the containment measures are having an unprecedented socio-economic impact in the European Union (EU) and elsewhere. The policies introduced so far in the EU countries promote a ‘business as usual’ economic recovery. This short-term strategy may jeopardise the mid-to-long-term sustainability and financial stability objectives. In contrast, strengthening the socio-economic resilience against future pandemics, as well as other shocks, calls for recovery measures that are fully aligned to the objectives of the EU Green Deal and of the EU corporate taxation policy. Tackling these long-term objectives is not more costly than funding the current short-term measures. Remarkably, it may be the only way to build resilience to future crises.

keywords: COVID-19. Climate change. Public debt sustainability. Green Deal. Fiscal inequality. Resilience. Policy complementarity.

Language: en

Submitted: June 3, 2020   Accepted: June 30, 2020   Published: July 31, 2020  
permalink: http://doi.org/10.30687/978-88-6969-442-4/019

Creative Commons License This work is licensed under a Creative Commons Attribution 4.0 International License