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Monetary policy measures during the first phase of the Covid-19 crisis
[Les mesures de politique monétaire pendant la première phase de la crise de la Covid-19]

Author

Listed:
  • Penalver Adrian,
  • Szczerbowicz Urszula
Abstract
Covid-19 began to circulate in the euro area with a significant number of cases in late February and early March 2020. By 11 March, it had been declared a “global pandemic” by the World Health Organization, and increasingly stringent restrictions were imposed to contain the public health emergency. Economic activity in many sectors was effectively suspended almost everywhere in the world. Measured economic output contracted at the fastest rate recorded since World War II. Between March and June, in response to the first stage of the crisis, the major central banks implemented monetary policy measures that shared many common features. Together, and combined with extraordinary government emergency responses, they have cushioned the economic crisis by short circuiting amplification mechanisms. This article does not cover the policy response to the more recent “second wave” of infections, after summer 2020. Le virus de la Covid 19 a commencé à se propager dans la zone euro avec une flambée de cas fin février et début mars 2020. Le 11 mars, l’Organisation mondiale de la santé a déclaré une « pandémie mondiale », et des restrictions de plus en plus sévères ont été mises en place afin de juguler cette crise sanitaire. Concrètement, l’activité économique a été suspendue dans de nombreux secteurs presque partout dans le monde. Jamais, depuis la Seconde Guerre mondiale, la production économique ne s’était contractée aussi brutalement. En réponse à cette première phase de crise, les principales banques centrales ont pris, entre mars et juin, des mesures de politique monétaire, se caractérisant par de nombreux points communs. Associées aux mesures d’urgence exceptionnelles prises par les gouvernements, elles ont permis d’amortir la crise économique en contrant les mécanismes d’amplification. Cet article ne couvre pas la « deuxième vague » de contaminations, après l’été 2020.

Suggested Citation

  • Penalver Adrian, & Szczerbowicz Urszula, 2021. "Monetary policy measures during the first phase of the Covid-19 crisis [Les mesures de politique monétaire pendant la première phase de la crise de la Covid-19]," Bulletin de la Banque de France, Banque de France, issue 234.
    • Handle: RePEc:bfr:bullbf:2021:234:01
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    References listed on IDEAS

    as
    1. Lloyd, S. P., 2017. "Overnight Indexed Swap Market-Based Measures of Monetary Policy Expectations," Cambridge Working Papers in Economics 1733, Faculty of Economics, University of Cambridge.
    2. Stefan Avdjiev & Egemen Eren & Patrick McGuire, 2020. "Dollar funding costs during the Covid-19 crisis through the lens of the FX swap market," BIS Bulletins 1, Bank for International Settlements.
    3. Veronica Guerrieri & Guido Lorenzoni & Ludwig Straub & Iván Werning, 2022. "Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages?," American Economic Review, American Economic Association, vol. 112(5), pages 1437-1474, May.
    4. Andras Chabin & Sébastien Lamproye & Milan Výškrabka, 2020. "Are We More Accurate? Revisiting the European Commission’s Macroeconomic Forecasts," European Economy - Discussion Papers 128, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
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