COVID-19 – Game changer of the European economy?

The COVID-19 pandemic, by breaking up global value chains, has shown the real level of globalization of the world economy, before it seemed to many to be a formal and low- tangible category. The behavior of economic actors and households has not been determined by market mechanisms, but by the strict regulations of nation-states, which have significantly reduced both supply and demand for goods and services. Government intervention has led to the first time in the history of the global crisis, the shortest period of time has simultaneously spread to all national economies, most of which in 2020 expect a significant decline in GDP, bankruptcies of firms and an increase in unemployment. Market participants are forced to adapt to non-market restraints, the appearance of which was impossible to predict. They are looking, and not without success, for alternative patterns of behavior. This gives many economists a reason to ask the question: what will be the model of the World and European economy in the post-coronavirus period? The article analyzes the causes of the current economic crisis and assesses its consequences for the socio-economic space of the European Union.