The COVID-19 pandemic will leave states and private agents with higher debts. What will this new higher debt overhang mean for growth in the future? What is the role of equity in helping growth given indebtedness? And what must be done next in the European Union, to redress some of the debt bias in its financial model?

• Chair: Maria Demertzis, Deputy director, Bruegel

• Robert Holzmann, Governor, National Bank of Austria

• Rolf Strauch, Chief Economist and Management Board Member, ESM

• Beata Javorcik, Chief Economist, EBRD

• Sophie Vermeille, Founder Droit et Croissance