In order to deal with the economic repercussions of the current pandemic, governments have to make extensive use of fiscal policy. Central Banks must take the fiscal side into account via monetary policy. Both are now required to intensify their collaboration to align fiscal and monetary policies. In this webinar our expert discussed which measures could work to absorb the economic shock caused by COVID-19. Marie Owens Thomsen from Indosuez Wealth Management looks at the issue of fiscal versus monetary dominance. Ringa Raudla presents the case of Estonia to offer illustrations. The conclusion: Governments have to make extensive use of fiscal policy in order to deal with the economic consequences of the pandemic. The first and foremost priority is to replace lost incomes and prevent firms from going bankrupt due to the pandemic. Hence monetary authorities will encourage global borrowing for decades to come. Having entered the crisis with already record levels of sovereign debt, particularly in mature, western economies, it is hard to argue that the situation will be sustainable. Some countries should issue more debt, and Switzerland is one of them. Prof Ringa Raudla from Tallinn University of Technology will present the case of Estonia to offer illustrations. Governments have to make extensive use of fiscal policy in order to deal with the economic consequences of the pandemic.