More than 2.1 million people around the world have become infected with COVID-19, and more than 140,000 people have died from the disease. The United States, now approaching 650,000 infections, is the new epicenter of the outbreak.
But as U.S. officials rush to contain the spread of disease, the federal government is also grappling with the dramatic—and unprecedented—toll the epidemic has had on the economy. In four weeks, 22 million Americans have filed for unemployment benefits. Technical glitches have prevented millions of Americans from receiving their stimulus checks from the U.S. Department of the Treasury. And the Small Business Administration, which supports U.S. entrepreneurs with loans and funding, has run out of money for its Paycheck Protection Program.
In fact, there is no country in the world that can be held up as a model for both its economic and public health response to the coronavirus pandemic.
For insights on how U.S. and European governments—and particularly Italy, the previous epicenter of the COVID-19 outbreak—have worked to contain the economic fallout from the global health crisis, the Hub turned to Filippo Taddei, a Johns Hopkins associate professor of international economics and a faculty member at SAIS Europe. The conversation has been edited for length and clarity.
Over the past several weeks we've seen central banks around the world, particularly the European Central Bank and the Federal Reserve, move with extraordinary speed to shore up financial markets, but these efforts have not calmed volatility. Is there anything else for central bankers to do, or is this an economic crisis that can only be solved through public health measures?
It is true that the size of the intervention is impressive. The size of the Federal Reserve's intervention still remains higher than the ECB, and its promptness to act in the market has been much greater compared to the ECB. Perhaps this is not surprising since the ECB is a combination of the different central banks from EU member countries.
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