Commentary: Why Asia and Europe are responding to the same COVID-19 crisis differently

Policymakers in both regions have responded aggressively, with unprecedented monetary and fiscal stimulus, as well as other measures to support the economy.

People walk at Piazza del Popolo, after Italy opened its borders to European countries allowing free movement after the coronavirus lockdown, in Rome, Italy. Those facilities consist of public guarantee schemes – which channel liquidity through the banking system into the economy. FILE PHOTO: Passengers wearing protective masks and face shields queue for a public bus, following the coronavirus disease outbreak, at a central bus spot in Jakarta, Indonesia, July 27, 2020. REUTERS/Willy Kurniawan/File photo

Even before the EU launched its unprecedented €750 billion recovery fund, finance ministers had agreed to three programs worth a total of €540 billion. FILE PHOTO: The European Central Bank logo. Frankfurt, Germany, January 23, 2020. REUTERS/Ralph Orlowski/File Photo

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