Using monetary sovereignty to mitigate effects of Pandemic
Dr Atiq ur Rehman
Total revenue generated by Government of Canada for her expenses during 2019 was CA$334 billion. In 2020, responding to the pandemic, the Canadian government extended a fiscal stimulus of CA$ 354 billion for Canadians, heavier than the entire budget.
This package includes $20 billion for health support system, $249 billion as direct aid to households and firms, $85 billion in liquidity support through tax deferrals and billions of dollars for other initiatives. In 2019, Italy had revenue of € 841 billion and the Italian government provided fiscal stimulus of over €500 billion and €700 billion as loan guarantees.
Federal Government of Germany spent about 25% of her GDP in the Covid support programs and besides this, many local governments in Germany also rele...
