Before the pandemic, the countercyclical capital buffer in the euro area accounted for only 0.2% of the capital stock. See also De Guindos, L. (2019) "  3/4  BIS - Central bankers' speeches  3. Macroprudential policy after the COVID-19 pandemic", panel contribution at the Banque de France / Sciences Po Financial Stability Review Conference "Is macroprudential policy resilient to the pandemic?
", 1 March. 4. Estimates for energy-related fiscal support by euro area countries were at 0.8% of GDP for 2022 in July this year and may further rise depending on global developments. See also European Central Bank (2022), Economic Bulletin, Issue 5, Box 7: "Euro area fiscal policy to the war in Ukraine and its macroeconomic impact", footnote 3.