The same national interests that drove the uncoordinated remedies to fight this crisis are at stake. At the end of the crisis, when it is economically justified to downsize those measures, economic nationalism will be lurking again, albeit unintended.
At the end of the crisis we may enter a period in which governments cannot sell their stakes in banks or downsize the coverage of the insurances schemes, without the risk of putting their institutions at a comparative disadvantage to their protected peers abroad. It’s time to start thinking about a credible exit strategy. Again, coordination and timing are important.