Given these factors, in the Bank's April 2021 Outlook for Economic Activity and Prices (Outlook Report), the forecasts of the majority of Policy Board members for the real GDP growth rate are in the range of 3.6 to 4.4 percent, 2.1 to 2.5 percent, and 1.2 to 1.5 percent for fiscal 2021, 2022, and 2023, respectively (Chart 8).
Shortly after the Second World War, the ambition for some was to create a “United States of Europe”, mainly as a way to avoid renewed, devastating war. This vision was shared by those who laid the foundations of the European Union in the 1950s, most notably Jean Monnet, the first President of the European Coal and Steel Community.