That frees up financial resources which can then be put to use elsewhere – for consumption, investment or for reducing the debt overhang. All of this is good for the economies of the euro-area countries. At the same time, it seems that the downward risks stemming from international developments have increased somewhat.
And uncertainty has risen more generally, as massive migration flows will also leave their mark on the economy. But while the quantitative effects of migration are hard to estimate precisely, it is safe to say that their impact on GDP will be rather stimulative over the projection horizon.