Articles by Markus Brunnermeier, Jean-Pierre Landau, Marco Pagano and Ricardo Reis:

What the European Union Can Do to Overcome Liquidity Shortages for Firms

European institutions can mitigate the negative impact of the coronavirus crisis: the European Investment Bank (EIB) can borrow from the European Central Bank (ECB) and extend loans at a favorable interest rate to firms strapped for cash. EU member states’ national tax authorities would then, over a period of a few years, collect the revenues to recover the loan and pay back the EIB.

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