Will the COVID crisis avoid the curse of crises: Permanent fall in potential growth and structural deterioration in the economy?

Past c rises have always (we look at the United States, the euro zone and France) led to a fall in potential growth due to a structural deterioration in the economy ( reduced capital accumulation, growing skills mismatches, reduced productive public spending). W h at would it take for the C OVID crisis to avoid this rule? T he deterioration in corporate balance sheets (loss of equity in particular) and fear of a nother crisis must not lead to a fall in corporate investment; A much greater education, skills and retraining drive than at present ; T h e need to stabilise (or even reduce) public debt ratios must not lead to a fall in growth-enhancing public spending.