Abstract

Legal scholars agree that private law should provide a solidarity-oriented response to the pandemic emergency. However, translating this general principle into precise interpretive guidelines is no easy task. In this paper, we explore the possibility of interpreting the role of solidarity in contract law as a tool for «macroeconomic» regulatory intervention. After identifying the conditions that justify a «macroeconomic» role for private law (i.e. the presence of a deep recession and the temporary or permanent impossibility of monetary and fiscal policy intervention), we examine one of the main contract law tools enacted by the Italian legislature during the pandemic emergency, that can be considered as a «macroeconomic» measure: vouchers for tourism and entertainment. The macroeconomic purpose of this body of law can help to overcome its (apparent) inconsistencies and highlights its specificity compared to general contract law. Furthermore, the adopted perspective encourages reconsidering doubts about the compatibility of this emergency legislation with EU law and finding appropriate interpretative solutions in other business fields and contexts, since contract law can provide effective macroeconomic benefits