The role of supply and demand in the post-pandemic recovery in the euro area

Roberto A. De Santis and Grigor Stoevsky

Economic Bulletin Articles, 2023, vol. 4

Abstract: Since 2020 the euro area has been hit by a succession of extraordinary adverse shocks: the coronavirus (COVID-19) pandemic, global supply chain strains, Russia’s invasion of Ukraine and the related energy price hike. This article reviews the main developments in economic activity between the beginning of 2020 and the end of 2022. Empirical analysis shows that demand forces related to the reopening of the economy, the strong policy support over that period and, more recently, the absorption of the adverse shocks have contributed to the post-pandemic recovery. JEL Classification: E31, E37, E62, E63

Keywords: Business cycle; energy; uncertainty; pandemic; savings; supply chain (search for similar items in EconPapers)
Date: 2023-06
Note: 185689
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbart:2023:0004:1

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