In the euro area, countries have taken unprecedented steps to stabilise and support their economies, with national fiscal measures taken thus far amounting to around 4.5% of euro area GDP. Those national efforts have been reinforced by policy moves at the European level.
2/4  BIS central bankers' speeches  The € billion Next Generation EU recovery fund has the potential to make a significant difference to Europe’s economic trajectory over the next few years. The size of the financial support envisaged is macro-economically meaningful, totalling almost 5% of GDP for the euro area.