[34] On the asymmetry in the international impact of US monetary policy and its implications for the euro area economy, see also de Guindos, L. (2019), “International spillovers of monetary policy and financial stability concerns,” speech held at the ECB and Its Watchers XX Conference, Frankfurt am Main, 27 March 2019. [35] See Kalemli-Özcan, S. (2019), “U.S.
However, as we are seeing in the United States, flare-ups of the virus can mean the reimposition of containment measures, impeding the recovery. We are facing many uncertainties, the biggest of which is the unknowable course of the virus itself. As a result, we cannot forecast with the usual degree of accuracy in our economic projections.