The coronavirus pandemic represents a collective public health emergency unprecedented in recent history. It is an unbearable human tragedy that has spread around the world. Our thanks go to the health personnel who are on the front line in this fight. This pandemic also constitutes an extremely intense economic shock, which requires an ambitious, coordinated and urgent political reaction on all fronts in order to support families and businesses in difficulty.
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Unlike the years 2008-2009, the shock we are facing is universal: it strikes all countries and all of society. Everyone must reduce their daily activities, and therefore their expenses, as long as the containment measures last. In fact, much of the economy is temporarily shutdown.
Consequently, economic activity in the euro area will contract considerably. Public policies cannot prevent such
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