{"id":57167,"date":"2020-04-01T07:00:21","date_gmt":"2020-04-01T05:00:21","guid":{"rendered":"https:\/\/preprod.i4ce.org\/2020\/04\/01\/vers-un-plan-de-relance-tirons-les-lecons-de-2008\/"},"modified":"2023-03-06T11:26:43","modified_gmt":"2023-03-06T10:26:43","slug":"vers-un-plan-de-relance-tirons-les-lecons-de-2008","status":"publish","type":"post","link":"https:\/\/staging.i4ce.org\/en\/vers-un-plan-de-relance-tirons-les-lecons-de-2008\/","title":{"rendered":"Towards a recovery plan? Let\u2019s learn from 2008"},"content":{"rendered":"

The world is confronted with a health crisis that has caused a global social and economic shock \u2013 and in the short term we must be focused on responding to this disaster. Nevertheless, it is also important to start preparing now for the aftermath of the COVID-19 pandemic to avoid a deep and lasting economic recession. Around the world, international, national and local stakeholders are starting to draw up recovery plans. <\/em>Many recognize that actions that contribute to climate goals can be an effective part of improving both the economy and the resilience of our society. We thus have an opportunity to accelerate investments that will be both pro-recovery, as well as contribute to the fight against climate change. However, this will require that we do not repeat the mistakes of the past, as explains I4<\/span>CE<\/strong>\u2019s Quentin Perrier<\/a>, who draws parallels from the post-2008 financial crisis recovery plan.<\/strong><\/p>\n

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In the near term, the main priority must be in response to the health emergency. At the height of this health emergency, the priority must be is to slow down the epidemic, to ensure the continuity of services that are essential to the functioning of our society. As of early April, the coronavirus has now caused more than 10,000 recorded deaths in France, 30,000 persons hospitalized, and more than 7,000 people are in intensive care. Limiting the number of people affected by Covid-19 and treating those who are is the absolute priority today.<\/p>\n

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However in the near future, an economic recovery plan will be needed to ensure that this crisis health is not coupled with a lasting economic depression. For each month of containment in France, the\u00a0OFCE estimates<\/a>\u00a0that a third of global GDP is being lost. To counter the looming recession, many including Antonio Guterres, the UN Secretary General, are stressing the need for a recovery plan that encompasses \u00a0increasing public investment, stimulating private investment and supporting household demand. Both internationally and in France, although premature for concrete announcements, discussions on what shape the recovery plan should take have already begun. Within these discussions, many are noting that any recovery plan \u00a0should also anticipate the growing challenge that is on the horizon: climate change.<\/p>\n

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Before looking forward, it is also useful to look back \u2013 this is not the first crisis that we have had to face. In 2008 following the collapse of the banking and financial system, European Member States put into place an extensive financial and economic package. While most agree that the resulting recovery plan made it possible to speed up economic recovery, some have pointed to the fact that the response did little to help put the European economy on low-carbon resilient trajectory. If we hope that the response to the current crisis will be both pro-recovery and pro-climate, we must learn from the past to replicated the measures that worked \u2013 and change those that did not.<\/p>\n

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In 2008, Stimulus Package of \u20ac26 billion in France<\/strong><\/span><\/h2>\n

The French stimulus plan announced by the President of the French Republic in December 2008, consisted of budgetary and fiscal measures amounting to \u20ac26 billion, broken down as follows:<\/p>\n

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