Finanza del debito e crisi pandemica

The Covid-19 health crisis has hit the economies of several countries forcing the public authorities to intervene with a massive regulatory package that aimed to reduce the impact of the pandemic. The central banks have introduced ad hoc monetary programmes to sup-port households and corporations which rapidly turned into debt expansion and high deficit rate. In parallel, financial regulators have relaxed bank capital rules and relieved the re-porting requirements for nonperforming loans (NPLs). This article argues that the com-prehensive set of measures introduced to contain the negative consequences of the pan-demic has produced a “boomerang effect” such as over-indebtedness and unprecedented intervention of State in the economy. The recent Commission’s proposal to establish an EU bad bank for resolving the stock of NPLs accumulated during the crisis resembles old practices of bail-out plans. The responses to the pandemic demonstrate a shorter-term strategy adopted by regulators along with a myopic view on the effectiveness of their policies in the post Covid-19.