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20
Jul
One of the positive surprises about last year’s recession is how little damage it inflicted on average household and corporate balance sheets in Europe.
In the past, deep recessions were followed by protracted weakness as they left households and businesses with significantly higher debt and lower income and capital. So far this has not been the case with the COVID-19 crisis, largely thanks to the extraordinary policy response by governments and central banks.
As the recovery takes hold, however, policy makers...