Habib, M.M. and Venditti, F. (2018), “The global financial cycle: implications for the global economy and the euro area”, Economic Bulletin, Issue 6, ECB. 23. The yield increase registered in the euro area has been significantly less than in other advanced economies, aside from Japan. 24. The economic consequences of an incomplete recovery (i.e.
a recovery that fails to bring the economy back to its pre-crisis trend) are analysed in Panetta, F. (2021), op. cit. 25. This is an illustrative calculation to show the debt impact of a scenario where inflation underperforms the baseline by 1 percentage point each year for five consecutive years (equal to 5 percentage points cumulatively).