The unprecedented wave of state aid to firms across the EU during the COVID-19 pandemic raised questions about who benefited and how effective these interventions were. This column uses firm-level data from Spain and Italy – two of the countries worst affected by the pandemic – to evaluate the economic impact of aid. Targeted support for micro and small firms increased revenues and investment but had little impact on medium and large firms’ performance. Crisis support should focus on the most

Tag-uri: Italia Coronavirus