The Essential Podcast, Episode 12 : Moving Forward in Moments of Crisis - European Integration and COVID-19

About this Episode

A widespread recession in Europe has triggered familiar flash points in the European Union. J

Just as it looks like the eurozone may be on the verge of a crisis, an agreement struck between France and Germany seems to offer a way forward, a proposed 750 billion Euro recovery fund to help member states weather the downturn. What are the implications of this unprecedented action for the future of the EU? Sylvain Broyer, Chief EMEA Economist at S&P Global Ratings, joins The Essential Podcast to discuss.

The Essential Podcast from S&P Global is dedicated to sharing essential intelligence with those working in and affected by financial markets. Host Nathan Hunt focuses on those issues of immediate importance to global financial markets – macroeconomic trends, the credit cycle, climate risk, energy transition, and global trade – in interviews with subject matter experts from around the world.

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Show Notes

Read the research discussed in this episode:

• "The pandemic is accelerating the debate on fiscal solidarity in the EU, which is responding swiftly and forcefully with a three-layer €540 billion safety net and a proposed €750 billion recovery plan. Europe might be experiencing just a small Hamilton moment, not full fiscal union. However, the European Commission's call for deep changes to the European budget sows the seeds of a closer EU," Sylvain wrote in his latest piece of economic research on the EU recovery plan as the next generation of fiscal solidarity. "For the first time, the EU intends to use its strong credit signature to absorb an asymmetric yet common shock on the member states and foster its environmental and social objectives."

• Read S&P Global Economics' research on how European short-time work schemes pave the way for a smoother recovery.

• Read "The European Crisis Backstop s Underpinning Corporate Funding Conditions," economic research from S&P Global Ratings.

The Essential Podcast is edited and produced by Molly Mintz.