Letter to the President of the Republic: “Monetary policy beyond the Covid crisis”

This Letter makes a first assessment of the economic impact of the Covid crisis and the responses of the authorities: an unprecedented shock; a rebound in 2021-22 much stronger than expected a year ago; the response adopted by French public authorities – a fiscal cushion, equivalent to over 8% of GDP in 2020; the genuine “financing bridge” provided by Eurosystem monetary policy – which helped to safeguard 2 million jobs.