Table 2.

Discretionary 2020 fiscal measures

	Total	Immediate fiscal impulses	Deferral	Liquidity provisions or guarantees
France	25.80%	4.40%	8.70%	14.20%
Germany	51.90%	13.30%	7.30%	27.20%
Italy	43.90%	3.40%	13.20%	32.10%
Netherlands	15.00%	3.70%	7.90%	3.40%
Spain	12.40%	3.70%	0.80%	9.20%

Source: Bruegel dataset as of June 23, 2020. Notes: Discretionary 2020 fiscal measures adopted in response to COVID‐19, in % of 2019 GDP. Immediate fiscal impulses are additional expenses and foregone tax income that lead to an irreversible deterioration of the fiscal balance. Deferral are measures reporting tax collections. Liquidity provisions and guarantees are contingent liabilities that might materialize into actual expenses.

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