COVID-19: A Speedy and Balanced Recovery of Europe will Remain Critical for the World to Return to the Trajectory of Sustainable Development

A speedy, timely and balanced recovery from the crisis will be critical not only for preserving European solidarity, but also for ensuring that the world quickly returns to the trajectory of sustainable development. The fiscal response to the COVID-19 (coronavirus) pandemic has been large but uneven across countries, with a few countries with favorable fiscal positions able to roll out large stimulus packages. The European Union (EU) member states agreed to a large fiscal package — 3% of EU GDP — and continued with discussions about issuing a common European bond to lower the borrowing costs of the hardest hit economies and assist their recovery.