In 2020, the COVID-19 pandemic caused by far the largest shock to European economies since World War II. Yet, astonishingly, the EU unemployment rate had already declined to its pre-crisis level by 2021Q3, and in some countries the labor force participation rate is at a record high. This paper documents that the widespread use of job retention schemes has played an essential role in mitigating the pandemic's impact on labor markets and thereby facilitating the restart of European economies after the initial lockdowns.
- ISBN13 9798400200960
- Publish Date 30 June 2023
- Publish Status Active
- Publish Country US
- Imprint International Monetary Fund (IMF)
- Format Paperback
- Pages 96
- Language English