By Prof Albert Sanchez Graells, Professor of Economic Law (University of Bristol Law School)
Beyond its terrible death toll and massive public health implications, the COVID-19 pandemic and the lockdown measures put in place to try to contain or mitigate it are bound to have severe and long-lasting economic effects. The European Union (EU) and its economic and financial governance now face very significant challenges, possibly exceeding those of the 2008 crisis. The way in which these challenges are addressed will not only determine the path and speed of European (economic) recovery, but perhaps also pave the way for further changes beyond the pandemic. Here I reflect on some implications of the COVID-19 response for EU-wide public debt instruments. (more…)