European Union and China leaders agreed a business investment deal on Wednesday, 30 December 2020, the Comprehensive Agreement on Investment. The EU hopes the deal will give European companies greater access to Chinese markets, and helping redress what Europe sees as unbalanced economic ties with China.
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There is a growing possibility that the COVID-19 crisis will mark the end of the growth model born four decades ago with the Reagan-Thatcher revolution, China’s embrace of capitalism, and the demise of the Soviet Union. The small government, free-market template suddenly looks terribly outdated. Instead of regarding growth as the ultimate solution to inequality, advanced economies will need to tackle distributional issues head on. It is to be hoped that they will be spared the convulsions that often accompany structural and policy changes of such magnitude.
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While it is difficult to see an inflection point during a crisis, missing that moment is potentially catastrophic. To subsequently persist with former paradigms when the world has shifted is folly. The artefacts of neo-liberal economics—globalised production, transnational supply chains, international finance, the erosion of the welfare state, and the abandonment of responsibility to the faceless market by governments—have produced a world not-fit-for-purpose in a crisis.
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This paper provides a summary of the recent Standard & Poor’s (S&P) economic forecast for the euro area (assessing the effects of the COVID-19 outbreak); some recent analyses of the macroeconomic effects of the coronavirus; and some policy recommendations made in the public domain to mitigate these negative effects. The S&P summary On Thursday, 26 March, the credit-rating agency Standard & Poor’s (S&P) published an economic forecast for the euro area and the UK, assessing
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