The year ahead: dealing with uncertainty and paving the way for a sustainable recovery Let me now turn to the outlook for our economy. The start of vaccination campaigns across the euro area provides the eagerly awaited light at the end of the tunnel.
At the same time, the renewed surge in COVID-19 cases, the mutations in the virus and the strict containment measures are a significant downside risk to euro area economic activity. Output remains well below pre-pandemic levels and uncertainty about how the pandemic will evolve remains high.