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COVID-19: A euro area safe asset and fiscal capacity are needed now - Lorenzo Codogno and Paul van den Noord - VOX CEPR Policy Portal

The COVID-19 outbreak that is hitting the euro area economy needs to be met by a powerful policy response beyond the emergency measures already in place. This column uses an empirically calibrated model to show that the creation of a safe asset and fiscal capacity at the centre – on which the debate has been ongoing for a long while – would be a powerful means to mitigate the economic impact of the crisis.

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