GDP growth bounced strongly during the fourth quarter, which compensated for the weak expansion registered during the first half of the year. The Q4 2019 GDP outturn of 6.4 percent was driven largely by the ramping up of government spending (18.7 percent), alongside sustained robust household consumption (5.6 percent).
The current incomplete banking union is asymmetric: while decisions on liquidity waivers are taken at European level, the relevant risk-sharing mechanisms are still national. In each country, bank depositors are protected by the national guarantee scheme.