The role of regions in past to post-COVID competitiveness and growth
As a result of the economic chaos caused by the outbreak of COVID-19, European governments had to quickly shift attention to bending the curve of infections and treating the sick, while keeping the broader economic system intact, and softening the immediate social and economic impact of the public health measures and their repercussions on individuals and firms. In terms of economic policy, a quick ramping up of monetary action to safeguard the financial system and support demand was needed. This included fiscal action to keep companies afloat and employment relationships intact. The supply of financial social measures to help those hit the hardest has also become highly important.
According to the article published by Orkestra, there is a need to add a long-term perspective to short-term action as the new post-COVID-19 phase begins. Policy choices will have to focus more on sustainability and not just effectiveness. It has been recommended that the public health measures, in particular the lockdown, needs to be adjusted for societies to be able and willing to live by those rules.
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