See Furman, J. and Summers, L. (2020), “A Reconsideration of Fiscal Policy in the Era of Low Interest Rates”, Brookings Institution, 30 November. 5. European Central Bank (2017), “The composition of public finances in the euro area”, Economic Bulletin, Issue 5. 6. The governance of public investment is key to its effectiveness.
These issues are analyzed in great detail in the forthcoming issue of the ECB's Financial Stability Review that will be published any day now. •  Declines in stock prices and increases in bond yields could weaken domestic balance sheets. These factors, and a generally weaker economy, could put a strain on domestic financial institutions.