What economic policies if the world is to experience a succession of crises?
Unfortunately, it is to be feared that the COVID crisis will be followed by a succession of other global crises: Other public health crises (the risk of infectious diseases is well known); Other financial crises, due to the excessive rise in asset prices caused by highly expansionary monetary policies; Climate crises (droughts, floods, population movements); Cybersecurity crises (attacks, network shutdowns); Geopolitical crises, given the increasingly aggressive stances of some countries; Social crises, given the growing rejection of inequalities. Governments must therefore examine their capacity to respond to a new crisis fairly soon (in a few years?). How much fiscal room would they have, given public debt ratios? Is further full monetisation of fiscal deficits conceivable, and with what risk for asset prices?