The recession linked to the crisis of the Covid is more severe than the previous recessions (the explosion of the stock market bubble in 2000-2001, sub-prime crisis in 2008-2009). Not only the decline of production in 2020 is much more important (8 % of GDP in 2020 in the euro area, 7 % in the United States), but also the weakness of activity is likely to be more sustainable than during the recessions of the past.
What are the mechanisms that make this recession more severe than the other ? First, the fact that policies to support demand are little effective against this type of réces…
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