In this scenario, the projected GDP growth rate for the euro area in 2021 might no longer be achievable. But even so, the activity level in the economy could hit the level foreseen in the March projections at the end of this year, provided, in particular, that vaccinations allow us to open up the economy as the year progresses.
My starting point would be that the Federal Open Market Committee did what it thought was appropriate ex ante to return the economy to full employment and stable prices, taking Treasury decisions concerning debt management as exogenous.