Italy Shows How to Tackle the Coronavirus Impact
The country’s fiscal measures make sense, but it would be far better if the euro zone had a coordinated action plan -- and fund.
Masked in Milan.
Photographer: MIGUEL MEDINA/AFPThe Italian government has announced a 3.6-billion euro ($4 billion) stimulus package to help the economy cope with the Coronavirus outbreak. The response appears timely and proportionate. Rome can always add to the stimulus later — provided the financial markets allow it.
Roberto Gualtieri, minister of finance, said in an interview on Sunday that he was looking at a three-step plan to support companies and workers. Italy is the European country most affected by the Covid-19 epidemic, with nearly 1,700 total cases and 41 deaths. The government has had to confine about 50,000 people to their local areas and closed down schools and public spaces in a number of regions including Lombardy and Veneto, the country’s economic powerhouses.