Fiscal interventions in 2020: a comparative analysis of EU states’ policies

LTReikšminiai žodžiai: Europos Sąjunga (European Union); Jungtinė Karalystė (JK; United Kingdom; UK); COVID-19; Pandemija; Makroekonomika; Finansinė parama; Fiskalinė politika; COVID-19; Pandemic; Macroeconomic; Finances; Fiscal policy.

ENThis chapter aims to make a comparative analysis of fiscal responses of the EU member states and of the United Kingdom to the outbreak of the COVID-19 pandemic in the spring of 2020. This study covers the period between January and November 2020. One lockdown or two lockdowns took place in that period in most of the discussed 28 economies. The lockdown measures caused liquidity problems in businesses and entailed insolvency procedures, interruptions in supply chains, suspension of business activity and increases in unemployment. To contain the consequences of the downturn, governments put together subsequent fiscal stimulus packages that were expanded and modified as the pandemic evolved. Separate assistance packages for the eurozone and the member states of the European Union were announced by the European Central Bank and the European Commission. This chapter discusses fiscal packages launched in the 27 member states of the European Union and in the United Kingdom in 2020. The European Union is divided into the eurozone and the group of other states in the below analyses. [Extract, p. 47]