Quarterly Report on the Euro Area (QREA), Vol. 20, No. 3 (2021)

Summary:

QREA (2021) provides an analysis of the macroeconomic effects of the Recovery and Resilience Facility, the stabilising impact of EU bond issuance on sovereigns and banks, the fiscal sustainability risks stemming from possible pension policy reversals, and a general assessment of the macroeconomic effects related to the introduction of a retail Central Bank Digital Currency, as well as a brief overview of recent major policy developments.

Table of Contents:

• An overview of the economics of the Recovery and Resilience Facility | Emiel Afman, Steven Engels, Sven Langedijk, Philipp Pfeiffer and Jan in’t Veld
• COVID-19: the stabilising impact of EU bond issuance on sovereigns and banks | Mario Bellia, Ludovic Calès, Lorenzo Frattarolo, Daniel Monteiro and Marco Petracco Giudici
• The 2021 Ageing Report: pension reform reversal and adequacy | Eloïse Orseau and Ben Deboeck
• The economic consequences of central bank digital currencies | Ulrich Clemens, Guillaume Cousin, Jean-Baptiste Feller, Daniel Monteiro and Matteo Salto
• Annex: The euro area chronicle | Jakub Wtorek

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