The Consequences of the Coronavirus Epidemic for the EU Economy
The Consequences of the Coronavirus Epidemic for the EU Economy

Author(s): Damian Wnukowski
Subject(s): Supranational / Global Economy, Governance, Economic policy, International relations/trade, Economic development
Published by: PISM Polski Instytut Spraw Międzynarodowych
Keywords: European Union; EU economy; coronavirus pandemic; global economy; economic crisis; reduction in economic activity;
Summary/Abstract: The coronavirus pandemic is harming the global economy, including in the EU, mainly because of the reduction in economic activity in China and Asian economies strongly associated with it, as well as the disruption of global value chains in which companies from the EU and the U.S. participate. The pandemic also has reduced demand in some sectors, such as tourism or transport, and worsened the investment climate in the EU. Flexible action by the Member States and EU institutions to stimulate the economy will be needed, as seen in the European Commission’s announcement of a special €37 billion fund to counter the effects of the outbreak.

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