National governments as crisis managers in the Post-COVID-19 World
Government leaders and executive branches have taken the lead in reacting to COVID-19, which has a global influence while being a local problem.
Government leaders and executive branches have taken the lead in reacting to COVID-19, which has a global influence while being a local problem. Under the guise of the "Great Lockdown," they compelled 4 billion people to remain at home (IMF). After a few weeks ago, it seemed that they will soon control hundreds of businesses and their employees, as well as influencing 2.7 billion jobs throughout the globe. Central banks have access to a nearly infinite supply of money. They've switched their focus to stabilizing the economy and restoring normality.With all due respect to regional organizations in general, the EU offers an intriguing viewpoint on regional cooperation in today's context. According to some estimates, the European Union is one of the best-equipped regional organizations for fostering close collaboration among its members.
Efforts to react to the epidemic have been extensive, but so far the outcomes have been mixed. According to the framework for an integrated political crisis response, on March 2, 2020, practical support between member states was agreed upon, as was a modification of EU finances to aid healthcare systems and a pooling of research money to produce medicines and vaccines (IPCR). Debt and deficit limits have been eased so that more money may be spent on the national budget.. Members of the European Union, companies, and employees were protected from the financial crisis's effects. As a precautionary measure, the Eurozone's central bank has established a €750 billion pandemic emergency purchase program. Fiscal measures are anticipated to account for 3% of European GDP, while liquidity assistance accounts for 16.5 %.European Union governance mechanisms need to be evaluated in light of the lessons acquired from past crises, argues the Roadmap. Leaders and crisis-management experts must strengthen their abilities. Victims must be handled with respect for their human rights and the rule of law as part of their rehabilitation. The strategy must have the backing of all levels of government, parliaments, social partners, and the general public.