Publication Type

COVID-19 credit support programs in Europe’s five largest economies

Julia Anderson (Bruegel), Francesco Papadia (Bruegel) and Nicolas Véron (PIIE)

Working Papers 21-6


In 2020, European governments mitigated the economic impact of COVID-19 lockdowns and other pandemic-fighting programs through a host of initiatives, including efforts to support credit, such as guarantees for bank loans, particularly to small and medium-sized enterprises. This paper presents detailed information about these national credit support programs in the largest national economies of the European Union (France, Germany, Italy, and Spain) and the United Kingdom. The information was collected through thorough examination of published material and extended exchanges with national authorities and financial sector participants. The analysis focuses on (1) how countries positioned themselves on the many tradeoffs that emerged in designing and implementing the programs; and (2) what explains differences in usage across countries and its leveling off everywhere in the second half of 2020.

Data Disclosure:

The data underlying this analysis can be downloaded here.

More From

More on This Topic