There are severe downside risks due to disruptions of supply chains, higher prices for energy and commodities, and the reshoring of global production. Economic uncertainty is extremely high. Additionally, we need to manage – and in fact speed up – the climate transition. This requires structural adjustments to our economies and our lifestyle.
In the June 2020 Eurosystem staff macroeconomic projections, it was foreseen that euro area GDP for 2021 would remain 4 percentage points below the 2019 pre-pandemic level; in the latest September 2021 projections, 1/4  BIS central bankers' speeches  euro area GDP for 2021 is foreseen to run only 1.8 percentage points below the 2019 level.