Yet the sizeable and persistent rise in euro area yields due to a faster economic recovery in the US could prematurely tighten financing conditions for the euro area economy, which is inconsistent with countering the downward impact of the pandemic on the projected path of inflation.
And according to the World Bank’s Doing Business Report, progress has been made in this regard as well: Portugal, Italy, and Spain have climbed up the ranking ladder by 17, 13, and 10 positions respectively over the last four years. Greece moved up by 37 positions.