Although the pandemic is without a doubt a veritable humanitarian crisis, it can simultaneously become a chance for renewal. Many people now understand the importance of a stably socialised government, officials noted. Fratzscher concluded: "This does not mean that we fully have to commit to socialism, only that we create a distance to this neoliberal misconception that the free market knows better. The pandemic has shown that this is not the case. If worse comes to pass, the support of the government is crucial."
The German economist also talked about the importance of solidarity: "When it comes to such important sectors as health care or education, for instance, people have realised how much we rely on certain people to do their jobs. This should not end with the pandemic, and we need to start thinking about adjusting renumeration."
When it comes to the economy, the pandemic has given new value to regional production. Whether masks made in Luxembourg, or holidays at home, the notion of self-reliance has become more important, although Fratzscher discouraged from abandoning import and export altogether: "It would be unrealistic to think that we can produce everything locally, or even within the European territory. Luxembourg and Germany both belong to the winners of the globalisation and the European integration, which is why we should be very careful about throwing matters out of balance."
Nevertheless, local and fair production of goods remains a critically important step in the fight against climate change.
