Second, we implemented large and comprehensive packages of both monetary and fiscal policies, but we stayed prudent and kept public debt to GDP ratio well under control. We also increased our FX reserves since the pandemic. 3. Third, it is also the timeliness of these packages that kept business and consumer confidence. 4.
Fourthly, an increase in global demand for euro-denominated debt securities can be expected, as the euro becomes an even more important reserve currency than it already is. Moreover, the demand for higher risk euro-denominated debt securities is likely to increase, particularly as the current low level of sovereign yields increases incentives to search for higher yields.