The pandemic is a threat to municipal and regional finances in Europe, a joint CoR-OECD survey warns
The COVID-19 crisis is strongly affecting regions and cities in Europe. According to a joint CoR-OECD survey presented today during the ECON commission meeting, most local and regional authorities expect the socio-economic crisis to severely affect their finances. Over the short and medium-term horizons, they fear a "scissors effect" of increasing expenditure and falling revenues that could undermine their capacity to carry out public investments. Regions and cities have been on the front-line of addressing the pandemic and its socio-economic consequences.