(2020), “The COVID19-Pandemic in the EU: Macroeconomic Transmission & Economic Policy Response”, Discussion Paper 127, European Commission. [17] See also Lane, P.R. (2020), “The pandemic emergency: the three challenges for the ECB”, speech at the Jackson Hole Economic Policy Symposium, Federal Reserve Bank of Kansas City, 27 August; and Lane, P.R.
The recovery in private consumption continues to be weak as a whole, but there are somewhat positive signs in some indicators. Housing investment is virtually unchanged. Public investment is bottoming out. While domestic demand remains steady, net exports (real exports minus real imports) are plummeting reflecting a sharp slowdown in overseas economies such as in the U.S. and East Asia.