22 June 2020

Eurozone Quarterly: The gradual, but not great, re-opening

As ever, the EU is muddling through. The post-pandemic recovery response has been robust, but we think there will be more. The gradual re-opening of the economy provides hope, but with social distancing norms here to stay and inflation still not going anywhere, a subdued recovery is all we expect. And we seem to be inching closer to the common bond dream too

Executive summary

In this edition of ING's Eurozone Quarterly, we take a look at what's really going on economically and politically in the bloc's major countries.

  1. Eurozone: Bottoming Out
  2. Germany: Austerity champion turns into a big spender
  3. France: Looking for a second chance
  4. Italy: Still in emergency mode
  5. The Netherlands: Cherishing the restrained shock 
  6. Spain: A terrible shock and a weak recovery 
  7. Greece: Less affected by the virus, but vulnerable to dependence on tourism
  8. Belgium: Multiple challenges
  9. Austria: Crucial summer for recovery
  10. Portugal: Swift response, but a sharp shock anyway
  11. Ireland: Defying gravity?
  12. Finland: milder than the rest
  13. Eurozone: Debt monetisation by stealth
  14. EU Summit: A bit united in still a lot of diversity
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