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Despite the unprecedented economic downturn caused by COVID-19, the cost of financing public debt is at an all-time low. To what extent do these interest rates lie behind the macroeconomic fundamentals?

The US Federal Reserve has just modified its monetary policy strategy to accommodate structural changes in the economy, committing itself to temporarily tolerating inflation rates above 2% and an inclusive view of the labour market. What are the implications of this adjustment?

After analysing the extent of the fiscal boost in Germany, Spain, France and Italy to counteract the COVID-19 crisis, we examine the following question: which countries have taken more efficient and better fiscal measures?