Moreover, many sectors will experience that, as a consequence of the crisis, the total earning capacity of our economy will have shrunk, while debt levels have increased. Challenges of diverging resilience in the recovery phase These challenges also translate to the country level.
Even when restricting myself to the members of the euro area, there are clear differences in starting positions, which translate into diverging levels of resilience. Public debt levels vary widely across Member States. Debt levels range from close to non-existent in Estonia, to 175% of GDP in Greece, though we know that headline number to be somewhat inflated.