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.