EU Currencies Face the Pandemic: Euro Area, Other Member States’ Capacities to Overcome the Crisis
EU Currencies Face the Pandemic: Euro Area, Other Member States’ Capacities to Overcome the Crisis

Author(s): Sebastian Płóciennik
Subject(s): Supranational / Global Economy, Governance, Economic policy, International relations/trade, Economic development, Financial Markets
Published by: PISM Polski Instytut Spraw Międzynarodowych
Keywords: European Union; COVID-19 pandemic; Euro area; anti-crisis measures; international role of the euro; European Central Bank; special rescue mechanisms;
Summary/Abstract: In the struggle with COVID-19, European Union countries with their own currencies face more difficult conditions to take anti-crisis measures than eurozone members. The difference is due to the international role of the euro, the potential of the European Central Bank (ECB) to finance governments and banks, and access to special rescue mechanisms. Asymmetries in anti-crisis policy may lead some Central European countries to accelerate preparations for membership in the euro area.

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