Chart 3 A virtuous circle between sovereigns, banks and corporates  https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210128~8f5dc86601.en.html  3/13  29/01/2021  The sovereign-bank-corporate nexus – virtuous or vicious? Source: ECB. At the same time, the pandemic sparked a marked increase in both sovereign and corporate debt levels (Chart 4).
Chart 4 Indebtedness of the general government and the non-financial corporate sector across the euro area percentages of GDP  https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210128~8f5dc86601.en.html  4/13  29/01/2021  The sovereign-bank-corporate nexus – virtuous or vicious? Sources: ECB and ECB calculations. Notes: Non-financial corporate sector debt figures are on a consolidated basis.