DESCRIPTION | The COVID-19 pandemic triggered a massive global economic downturn. In response, national and international authorities around the globe launched an unprecedented set of policy measures to cushion the economic impact of the crisis and to support the recovery process. Following an overview of the range of support measures deployed in various countries, the course will focus on policy support to the corporate sector. With macroeconomic policies already stretched, many observers call for a more targeted approach. How can the viability of companies benefiting from liquidity and solvency support be assessed to avoid the emergence of ‘zombie firms’? What is the role of the legal rulebook, notably bankruptcy procedures? What is the role played by financial sector regulation and supervision? Looking further ahead, to what extent should support measures be horizontal or targeted to specific sectors or purposes, such as reducing the carbon footprint of industry? What are the implications of increased state ownership in the economy and how can this be best managed?