This double issue of the Revue d’Economie Financière is being published in collaboration with the journal Risques. It examines the reactions of the different financial systems and the players strategies in relation to the Covid-19 crisis. The changes brought about by this crisis are deep-going and probably long-lasting. They affect the economy, society, and financial systems. This double issue aims to take stock of these changes as they stand at the end of 2020. The first section is devoted to recalling the basic aspects of the economic history of major pandemics and draws lessons for the future of the European economy and the role of insurance in the fight against pandemics, while arguing for a change in the principles of crisis management. The second section strives to understand the changes the crisis entails for business in how it obtains financing and in its management methods, in addition to the importance of sustainability. One immediate reaction was the creation of European financing plans. The third section examines the consequences of these plans for economies and business. Using a more global approach to the crisis, the journal also looks at macroeconomic consequences, geopolitical developments, and how the comprehension of climate goals, which remain a priority in addition to the health crisis, has evolved. Finally, the various economic policies that have been adapted to a world marked by debt and recession are discussed on the basis of central bank attitudes, of government debt, and of corporate debt.
This special issue brings together thirty-eight academic contributions in addition to analyses and reactions from players in finance, banking, asset management, and insurance.