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Mr. Marco Arena, Ms. Ruo Chen, Mr. Alfredo Cuevas, Karim Foda, Mr. Borja Gracia, Miss Estelle X Liu, Alex Pienkowski, Christiane Roehler, Shituo Sun, Mr. Sebastian Weber, Xin Cindy Xu, and Ms. Yu Shi
In Europe, the severe human toll of the COVID-19 pandemic was compounded by the deepest fall in economic activity in modern history. Yet this huge decline in output did surprisingly little damage to the aggregate financial balance sheets of firms and households. This paper discusses how unprecedented policy support transferred private sector income losses to the public sector’s balance sheet and contrasts this experience to that of the global financial crisis.