Governments around the world are releasing major fiscal packages to counter the economic impact of COVID-19. Our new 'CIO Special – From monetary magic to fiscal faith' looks at how these packages are now supplementing a previous reliance on central bank action.

Fiscal packages are not only major in size, but also diverse in content. This is both a demand and supply problem, so classic tax cut stimulus measures have to be combined (for example) with subsidies and guarantees to keep firms afloat. Governments are pushing into new areas, with potentially complex side-effects.


In particular, the report considers:

  • The four “i”s of fiscal policy – implementation, impact, implications, indebtedness
  • The regional dimension to fiscal policy initiatives so far
  • The economic background and possible challenges ahead


To download a PDF of the full report, please click here.


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