Financial Policies of European Union Countries Regarding the Tourism Industry in COVID-19 Process

Financial Policies of European Union Countries Regarding the Tourism Industry in COVID-19 Process

Ümit ŞENGEL, Mustafa Kenan ERKAN

Purpose – The aim of this study is to examine the financial policies implemented by EU countries inthe tourism industry during the COVID-19 process.Design/methodology/approach – The tourism industry has been studied for two reasons. First, thepandemic has significantly affected the tourism industry due to its dynamic structure, which is veryquickly affected by crises. The rapid spread of the pandemic through international travel operationshas deepened this situation. Second, there are a large number of new entrepreneurs and SME-levelenterprises in the tourism industry mostly in need of financial support. In the study, qualitativeresearch methods were used and document analysis was used as a data collection tool. Data on thefiscal and monetary policies implemented by EU countries for the tourism industry during theCOVID-19 process were obtained from the United Nations World Tourism Organization (UNWTO).Content analysis was used in the study. The data obtained were analyzed with the help of MAXQDAQualitative Analysis Program.Findings – According to the results of the study, the financial and monetary policies developed byEuropean Union countries to reduce the impact of COVID-19 on the tourism industry have strongrelations with each other. Countries provide support for tourism enterprises to continue theiractivities. The support given is mainly focused on SMEs. In addition, support is provided to makeemployment sustainable, liquidity assistance is provided to eliminate cash shortages, especially incredit and employment supportDiscussion – In fiscal policy, it functions as important in banks as it does in public authorities.Credit, liquidity and tax are the financial instruments most involved in financial policies.

2021

covid-19, finance, fiscal policies, Monetary Policies

10.20491/isarder.2021-1124

Epidemiology and Health

Korean Society of Epidemiology

Business