COVID-19 Credit Support Programs in Europe's Five Largest Economies

This paper presents detailed information about national credit support programs, including guarantees for bank loans, implemented in the context of COVID-19 fiscal policy in 2020 in the largest national economies of the European Union and in the United Kingdom. The information was collected through thorough examination of published material and extended exchanges with national authorities and financial sector participants. It helps us understand (1) how countries positioned themselves on the many trade-offs that emerged in designing and implementing the programs; and (2) what explains differences in usage across countries and its leveling off everywhere in the second half of 2020.