Impact of the COVID-19 pandemic on fiscal, monetary and accounting policies in European tourism and agriculture

ABSTRACT

The beginning of 2020 brought the whole world into a difficult situation at all levels. The motivation for the research comes from the fact that the global pandemic caused by COVID-19 has led many states to take radical decisions and many sectors have been critically affected, including tourism and agriculture. Comparing the impact of value added tax (VAT) quotas, monetary measures and accounting policies in the tourism and agriculture sector in the European Union and the comparison between COVID-19 measures taken by the top 3 European tourism countries and Romania is one of the objectives of this research. The purpose of this investigation is to study the importance of fiscal, monetary and accounting policies in tourism in Romania and to analyze the measures taken by the states with the most tourists in the European Union and Romania. This paper can also be considered as a first part of a study on the impact of COVID-19 on tourism and agriculture in which the measures taken during this period are analyzed. Another major objective is to demonstrate that tourism revenues directly impact demand for agricultural products.