EU governments have introduced unprecedented countercyclical measures and subsidies. Support for the economy will be maintained until there is a clear return to a stable growth trajectory; to this end, the success of the investment and the reforms envisaged by the national plans associated with the exceptional innovation represented by Next Generation EU will be crucial.
In the euro area, the monetary policy stance must remain highly accommodative, in the knowledge that we are still a long way from inflation rates consistent with price stability in the medium term. Maintaining favourable conditions for funding the economy over a prolonged period is necessary to consolidate the improvement under way in the confidence of firms and households.