The Crisis After the Crisis  Resilience or Reset?

Ioan-Franc Valeriu,Andrei-Marius Diamescu

doi:10.24818/ea/2021/58/864

Abstract

The concept of the crisis after the crisis recently introduced in the academic debate refers to the fact that, since the outbreak of the health crisis generated by SARS-CoV-2, the pandemic has had a major impact on all economic, social, political and cultural activities of the daily life, influencing significantly the global development. However, the sanitary crisis has induced a multiple faceted crisis, with a number of implications whose consequences are to impact on the further development of the human society as a whole. Treated at first with a certain degree of relaxation, considering the stage we were facing at the time, when both the scientific community and the decision-making actors of the responsible organizations in the field were focusing on the management of the situation, unprecedented at such a scale, on identifying the protocols and action strategies, respectively on implementing recommendations for governments, companies and population, the crisis after the crisis would really capture the researchers attention in the second part of the last year. On the occasion of the Penser l'Europe International Academic Seminar of the Romanian Academy in October 2020, the phrase was retained internationally by two famous economists, honorary members of the Romanian Academy: Jaime Gil Aluja, the president of the Spanish Royal Academy of Economic and Financial Sciences, and Thierry de Montbrial, member of the French Academy of Moral and Political Sciences. The debate that took place on this occasion, obviously energized by the already visible social, cultural, economic and sanitary effects, as well as the major impact of the pandemic over the national and international macroeconomic indicators, extended significantly the field of thought regarding the cascading consequences both of the infections and of the measures to limit and especially to combat the spread of the virus, justifying once more the necessity to quickly identify globally viable solutions adjusted to each national economic and epidemiological bivectorial context to facilitate the return to a normal life as soon as possible.

Highlights

The concept of “the crisis after the crisis” recently introduced in the academic debate refers to the fact that, since the outbreak of the health crisis generated by SARS-CoV-2, the pandemic has had a major impact on all economic, social, political and cultural activities of the daily life, influencing significantly the global development
Point 4 highlights the fact that “The COVID-19 outbreak in early 2020 changed the economic, social and budgetary outlook for the years to come in the Union and in the world, calling for an urgent, efficient and coordinated response both at Union and national level in order to cope with the enormous economic and social consequences for all Member States. [...] The medium and long-term consequences of the COVID-19 crisis will critically depend on how quickly Member States’ economies and societies will recover from the crisis, which in turn depends on the fiscal space and measures that Member States have available to mitigate the social and economic impact of the crisis, and on the resilience of their economies and social structures” (MRR, 2020)
In relation to the context generated by the current COVID-19 pandemic, the concept of resilience certainly acquires a new, much more complex dimension, as a result of multiple domains of manifestation: health, social, macro and microeconomic space, educational etc., and of the roles that state and international decision factors are forced to assume in order to control and eradicate this disease, respectively to eliminate or reduce the effects determined by the limitation or interruption of the functioning of certain economic sectors

Summary

The concept of resilience

Our approach is based on a framework document of the European Union, namely “The Report on the Proposal for a Regulation of the European Parliament and of the Council Establishing a Recovery and Resilience Facility”, presented on the 10th of October 2020. In relation to the context generated by the current COVID-19 pandemic, the concept of resilience certainly acquires a new, much more complex dimension, as a result of multiple domains of manifestation: health, social, macro and microeconomic space, educational etc., and of the roles that state and international decision factors are forced to assume in order to control and eradicate this disease, respectively to eliminate or reduce the effects determined by the limitation or interruption of the functioning of certain economic sectors.

The crisis after the crisis

Findings

The reset of economic development in Romania