In Europe, COVID spend leaves some behind
In Europe, nations have clubbed together to support the pandemic-ravaged economy through European Union institutions. But the bulk of the effort is handled nationally – and there, some can afford to be more generous than others.
The wealthy countries of the north can splash out on big stimulus packages that in some cases match those of the United States. But others – particularly those in the south hit worst by the sovereign debt crisis of 2009 – have to resort to less costly and less attractive stop-gap measures.
The fear is that the recovery will be a two-speed one that exacerbates the existing north-south wealth gap across Europe.
Government support to Europe’s economies as percentage of 2019 GDP