During the acute phase of the crisis, fiscal policy should focus on safeguarding companies’ liquidity and preventing bankruptcies and mass unemployment. In order to succeed, the measures taken should be timely, extensive, targeted, and time-limited. In the second phase, it will be time to launch a conventional fiscal stimulus. If the fiscal policy has succeeded during the first phase, it is highly likely that, in the second phase, private consumption and exports will give a strong expansionary impulse to economic activity. This article is part of a series of blog posts dealing with the economic impacts of the coronavirus.

The EU Commission and Ministers of Finance propose allowing Member States to depart from the requirements related to the monitoring of their budgets because of the coronavirus crisis. The aim is to enable Member States to take adequate fiscal policy measures to deal with the crisis. The activation of the escape clause of the EU's Stability and Growth Pact shows that there is no reason to worry that the rules would prevent a sufficient economic stimulus during this crisis. This article is part of a series of blog posts dealing with the economic impacts of the coronavirus.

The coronavirus pandemic is causing a simultaneous demand and supply shock in the global economy. The biggest costs arise from measures taken to stop the pandemic. The economic crisis will have at least two stages. In the first stage, the restrictions imposed by Finland and its trading partner countries stagnate the home and export markets, preventing conventional expansive fiscal policy. The second stage will begin when the restrictions are lifted, and supply and demand start to recover. The National Audit Office of Finland (NAOF) starts a series of blog posts to address the economic impacts of the coronavirus pandemic.

The Financial Stability Authority is well placed to carry out bank resolution tasks. However, it should clarify the resolution plans it has drawn up for banks so far. In addition, the authorities should clarify the procedures concerning the exchange of information specified in law and update the existing memorandum of understanding on cooperation.

Workshop coaching encouraged 21–24-year-olds and young people with upper secondary education to continue studying and 17–20-year-olds and young people with only basic education to complete their upper secondary education. However, the coaching did not have an impact on employment. Outreach youth work in municipalities is not always related to the service need.

All persons subject to the disclosure obligation filed an election funding disclosure. The National Audit Office did not receive any complaints concerning the election funding disclosures. The National Audit Office oversaw that the candidates in the 2019 European Parliament elections submitted the disclosures on election campaign funding and expenses under the Act on a Candidate's Election Funding.