Although we are currently far from seeing the light at the end of the tunnel, some discussion is already needed as to the implications for Government economic policy whenever the crisis runs its course.

There are several issues to be disentangled. First, what will be the budgetary cost of the precipitous fall in economic activity and the mitigating fiscal measures required? Second, how are these costs to be borne ? Third, what structural changes in fiscal policy (particularly in social expenditures) may or may not be appropriate in a post-virus world? Finally, how will the response and recovery differ from that during the 2008-2009 crisis?