Atlantic Council | Mon, Apr 12, 2021
by Jason Furman, Jacob J. Lew, Maria Demertzis, Marcel Fratzscher, Rana Foroohar
As long as the COVID-19 pandemic continues to spread worldwide, the international community will face a global crisis with public health, geopolitical, and economic repercussions. While the three US economic stimulus packages have reached a majority of Americans, including via direct payments, payouts from the EU’s recovery fund will likely not begin before 2022. However, when they do, they will focus on long-term economic stability. With vaccine distribution offering a light at the end of the tunnel, it’s time to examine the distribution and other long-term impacts of this historic US relief program and whether the 750 billion euro Recovery Fund provides enough fiscal stimulus to ensure Europe achieves rebound. This timely debate will explore the fiscal decisions of the US and the EU, examine the current state of their respective economies, and assess the possible future trajectories of their post-COVID recovery.