3 The timing of household consumption out of the accumulated savings will be very important for the strength of demand not just this year, but also next. Today’s fiscal tailwinds are projected to shift to headwinds next year.
But let me also mention, en passant, that the EU’s links with the Western Balkans, the Mediterranean countries and the countries of the Commonwealth of Independent States, notably Russia, have strengthened as well. In line with this, we have also observed significant use of the euro by public authorities and private agents in these countries.