The coronavirus crisis reveals the shortcomings of the Euro Area (EA), which were already evident after the global financial crisis. We show that the self-imposed constraints within the EA have prevented a recovery in the last decade. However, the suspension of the stability and growth pact and recent measures of the European Central Bank have broken the chains. We recommend that national governments make use of their regained sovereignty inside the EMU framework and do not wait for European-wide solutions. In addition, we provide policy proposals consistent with the current EA framework.

中文翻译：

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COVID-19及其对欧元区的经济影响

冠状病毒危机揭示了欧元区（EA）的缺点，在全球金融危机之后这些缺点已经很明显。我们表明，在EA中自我施加的限制阻止了过去十年的复苏。但是，稳定与增长协定的中止以及欧洲中央银行的最新措施已经打破了束缚。我们建议各国政府在EMU框架内利用其重新获得的主权，不要等待欧洲范围内的解决方案。此外，我们提供与当前EA框架一致的政策建议。